IRAN: SACE SIGNS AGREEMENT TO RECOVER A € 564 MILLION CREDIT

 
The agreement lays the foundations for restarting trade relations and reviving Italian exports and investments in the country
 

 

 
Rome, 25 January 2016 – In the presence of the President of the Islamic Republic of Iran, Hassan Rouhani, and Italian Premier Matteo Renzi, SACE and the Central Bank of Iran have signed a settlement agreement for the recovery of the sovereign credit due to SACE by Iranian counterparties. 
The agreement provides for the payment to SACE of € 564 million in three installments by 15 October 2016. The credit represented claims paid by SACE to Italian companies for loans unpaid by Iranian counterparties following the block of the payment systems imposed by international sanctions.
The agreement was reached a few days after the Implementation Day at the highest professional leveland will enable SACE to reactivate its support to Italian exports and investments in the country, enabling companies to seize interesting opportunities in sectors such as oil & gas, petrochemicals, automotive and construction. 
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