With just 24 or 48 hours to go (the timing is still unclear) until the new announcement by U.S. President Trump on the fate of the Iran nuclear agreement, Italian Minister of the Economy Padoan announced with great enthusiasm a new multi-billion-dollar agreement with Tehran. On Thursday, the Italian financial institution Invitalia Global Investment signed a framework agreement worth €5 billion with two Iranian banks, the Bank of Industry and the Middle East Bank.
The agreement sets the terms of future individual funding agreements—that is, funds for projects run in Iran by local and Italian companies in the oil, chemical, metallurgical, infrastructure and construction sectors. It is a deal of enormous scope, but it has a fundamental prerequisite: the neutralization of the Trump threat.
The White House last spoke about the issue on Oct. 13, when Trump refused to certify the agreement between Iran and the P5+1, and referred matters to Congress. Now, 90 days on, he is facing another deadline on the same issue.