TEHRAN, Dec. 06 (MNA)
Signing a Memorandum of Understanding (MoU) Iran's Pasargad private bank and Italy’s SACE group (Servizi Assicurativi del Commercio Estero) will jointly provide insurance services for traders of the two countries, said Mostafa Beheshtirouy, a member of Passagad’s board of directors, on Saturday in Tehran.
The executive asserted that the contracts insured would be those permitted under the Joint Comprehensive Plan of Action (JCPOA) between Iran and Sextet and the MoU will be put into practice the first day the JCPOA is implemented.
Beheshtirouy held that SACE functions the same way as EGFI (Export Guarantee Fund of Iran) and will open letters of credit and insurers to underwrite critical export-related risks.
The SACE group has already agreed to provide insurance coverage to Iranian industrial, construction and infrastructure projects worth at least 3 billion euros which will be provided by Italy’s investment bank, Mediobanca.
The official added that it is hoped that after the implementation of the JCPOA other insurance companies like Germany’s Euler Hermes sign similar contracts with Iranian partners.