Iran newspaper announced the signing of a contract for 5 billion euros in financing between Sanaat and Madan Bank (Mining and Industry Bank), Khavarmianeh Bank (Middle East Bank) and Invitalia Global Investment. Civil and manufacturing projects in Iran which use technology, machinery or technical and engineering services from Italy can qualify for this financing. Hamid Ghanbari, Deputy of the Office of Foreign Currency Financing at the Central Bank has said that the conditions for applying for financing from this credit line are better than those of the National Development Fund. Payback of these financial facilities will be in euros.
In a message, Valiollah Seif, Governor of the Central Bank called financing contracts with Iran a sign of monetary stability in the country and wrote: After the nuclear deal, the first step was clearing prior debt, which was done in a short time. This improved the credit rating of the country and as a result, banks and financers in a number of countries announced their willingness to extend new credit lines to Iran.
In another article, Iran examines the volume of bilateral trade with Europe. Based on official statistics from the European Commission, in the first 7 months of 2017 trades between Iran and Europe grew by 80% and Iranian exports to Europe have grown three folds. In the first 10 months of 2017, the trade of goods between Iran and Europe grew by 60% and reached 16.6 billion euros. In 2012, the volume of bilateral trade with Europe had reached its peak, i.e. 24 billion dollars. However due to sanctions, this number reached its lowest figure i.e. 1.1 billion euros.