Iran, Italy sign $6-bln investment deal

Iran and Italy have signed a framework credit deal to fund up to EUR 5 billion (USD 6.02 billion) of investments in Iran, Italy’s economy ministry announced on Thursday.

Iran’s Bank of Industry and Mine (BIM) and Middle East Bank will partner with Italian state-owned holding Invitalia in the agreement.

The funding will cover joint Iranian-Italian projects in the areas of infrastructure, construction, oil and gas, electrical energy, chemicals, petrochemicals and metallurgical industries.

BIM is a state-owned development bank providing finance for industrial and mining projects in the country. The bank’s main objective is to channel finances towards developing Iran’s economy. The bank assesses and supervises industrial and mining projects, including power and oil and gas projects, as well as renewables initiatives and more.

BIM has financed energy projects such as South Pars phases 19, 20 and 21; oilfield developments on the Iraq border; the Kavian Petrochemical Complex; the Mahabad and Lorestan polyethylene plants; the Bid Boland 2 refinery project; the Ilam Petrochemical complex expansion; and the Bushehr Petrochemical mega-project.

Read TOGY’s interview with the chairman of Iranian partner BIM here.