Construction

Italy Grants Iran €5 Billion Loan

Italy is strengthening its own economy with a development loan to Iran for joint projects.

The funds will be used primarily for industrial infrastructure for Iran's rapidly growing chemical, petrochemical, and metallurgical industries. Italian companies will reap substantial benefits for providing their expertise and project management.

“This is the biggest credit agreement ever signed between Iran and a European country which is a very important political and economic development at the current juncture,” said Mohammad Khazaei, president of the Organization for Investment, Economic and Technical Assistance of Iran (OIETA).

The Italian loan follows those from several other European banks and the Eximbank of Russia for development projects to be carried out by domestic and international contractors in the Islamic Republic.

With the easing of sanctions and Iran meeting all its oligations under the 2015 nuclear deal, European countries have been eager to renew business ties with the oil and gas-rich Muslim nation, while the Donald Trump threaten to pull the U.S. out of the nuclear deal and continues to wage a covert war against Iran on behalf of Israel.

Allowing Israel to dictate America's foreign policy causes harm to American companies and the U.S. economy. Over the long-term it is driving more nations to stop using the U.S. dollar and empowering Russia and China.