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Private Sector to Get Share of Italian Finance

Aboard member of Middle East Bank, which alongside Bank of Industry and Mine was one of the two Iranian banks that clinched a €5 billion finance deal with Italy’s Invitalia on Thursday, elaborated on the landmark deal.

“The Middle East Bank will only use the credit line of the deal to fund the private sector, and the Bank of Industry and Mine will handle the allocation of credit lines to government and public sector entities,” Seyyed Hossein Salimi also told IBENA.

According to the banker, who is also the deputy head of the Money and Capital Market Commission at the Tehran Chamber of Commerce, Industries, Mines and Agriculture, eligible private sector projects in terms of profitability and forex generation, which can also repay their loans, will be able to receive credits from the finance deal.

“In addition to the profitability issue, people seeking this credit line for their projects must obtain all the required permits, including environmental permits and those issued by the Ministry of Industries,” he added.