TEHRAN (Tasnim) – Italy’s export agency SACE announced in a statement on Tuesday that Rome will supply a credit line worth 8.8 billion euros ($10.05 billion) to relaunch exports to Iran.





Italy’s state-run lender Cassa Depositi e Prestiti will offer credit lines of 4 billion euros to companies building oil and gas infrastructure, while SACE will guarantee loans and offer trade financing of 4.8 billion euros, the statement said, Reuters reported.

SACE has been honored as the best export credit agency in Europe and the Middle East.

The statement was released on the same day Prime Minister Matteo Renzi started an official visit to Tehran.

The Italian prime minster arrived in Tehran on Tuesday to discuss ways to improve mutual economic cooperation between the two nations.

Heading a 250-strong business delegation, Renzi landed in the Iranian capital for an official two-day visit at the invitation of Iranian President Hassan Rouhani.

His trip to Tehran is part of efforts to boost bilateral economic cooperation and remove the trade berries in the post-sanctions era.

It comes after President Rouhani’s trip to Rome in late January.

Iran and Italy signed deals worth up to 17 billion euros ($18.42 billion) during Rouhani’s 48-hour stay in Italy.

Italy was one of Iran’s leading economic and trade partners before sanctions when annual exchanges amounted to 7 billion euros compared with $1.6 billion euros now.

The new wave of international interest in developing ties with Iran follows the removal of all nuclear-related sanctions imposed on Iran with the enforcement of a nuclear deal between Tehran and six world powers.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached the nuclear deal on July 14, 2015 and started implementing it on January 16.