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Italy signs EU’s biggest ever credit deal with Iran

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Italy signs EU’s biggest ever credit deal with Iran
 Iran and Italy have signed a major framework credit agreement which will be used to provide funds for development and industrial projects in the Islamic Republic.   
Italy’s Economy Ministry in a statement to media put the value of the agreement at €5 billion ($6 billion) and said it was signed in Rome between Bank of Industry and Mine and Middle East Bank of Iran, and the investment arm of Italian state-owned holding Invitalia. 
The money will be used for projects carried out jointly by Italian and Iranian companies in sectors including infrastructure, construction, oil and gas, electrical energy, and the chemical, petrochemical, and metallurgical industries, Reuters quoted parts of the statement as saying.
Iran’s government will provide a sovereign guarantee, the statement added.
Meanwhile, Iran described the agreement – which it said was the biggest with a European bank – as a yet another sign of Europe’s determination to expand economic bonds with the Islamic Republic.
Mohammad Khazaei, president of the Organization for Investment, Economic and Technical Assistance of Iran (OIETA), said the agreement with Invitalia had a special political and economic significance “particularly at the current juncture”.