Italian export credit agency Sace has signed agreements with three Iranian private banks.

The deals signed with Bank Pasargad, Bank Parsian and Saman Bank are aimed at facilitating a more rapid and effective resumption of trade and investments in Iran once implementation day has been reached. 

Sace says that it intends to collaborate with the banks on the restoration of the payments system, and identify short- and medium/long- term projects of mutual interest and to develop the insurance-financial structures best suited to support them.

SACE estimates, the end of sanctions on Iran might bring an increase in Italian exports by almost €3bn ($3.2bn) by 2018, with the best opportunities in machinery, oil and gas, and transport.

Italy become the first EU country to offer large-scale project finance to clients in Iran in August when officials promised to provide €3bn ($3.3bn) for construction, infrastructure and industrial projects.

On 4 August, a memorandum of understanding was signed in Tehran by Italy’s export credit agency Sace and the Organisation for Investment, Economic & Technical Assistance of Iran (OIETAI) and the Central Bank in Tehran during a two-day visit to Iran by an Italian trade delegation led by Italy’s Foreign Minister Paolo Gentiloni and Minister for Economic Development Federica Guidi.

The OIETAI is a government agency mandated to promote investment in Iran.