Mohammad Khazaee, the Deputy Minister of Economy announced of signing a five billion Euro credit agreement with Italy
Tehran and Rome signed a five billion Euro credit agreement in early January which will see the European government invest in Iran, despite the Iranian regime’s ongoing repression of domestic demonstrations due to the continuing economic crisis and mounting regional tensions over the regime’s involvement in multiple regional wars.
In this news report announcing the deal, which was broadcast on Iranian state TV on January 11, the news anchor states, “The largest-ever framework credit agreement, worth five billion Euros has been signed between Iran and Italy. Mohammad Khazaee, the Deputy Minister of Economy and head of the Investment Organization of Iran, signed the agreement with Italy’s finance minister in Rome. According to this agreement, the country’s [Iran’s] manufacturing and construction projects can use Italian technologies and machinery, as well as engineering and technical services. Italy is the seventh country to ink investment deals with Iran after India, China, South Korea, Demark, Austria, and Russia. The agreement is regarded in Iran as another step towards diversification of financial resources for Iranian projects”.
Khazaee said, “This credit line agreement is the biggest line of credit agreed upon with a European state. Of course, Iran has already signed other agreements with several other countries, but this is the largest one in size that’s ever been signed.” He noted, “the agreement has two hallmarks: firstly, it’s indicative of Europe’s serious resolve for cooperation in various economic fields and contributing to the promotion of bilateral economic relations. Secondly, Iran’s Islamic Republic is seeking to diversify economic ties with the world and to enter various markets. As we attach significance to Asian states, we also pay attention to European states and other countries.