Italy's Pessina Costruzioni has signed an initial agreement to build five hospitals in Iran following the lifting of nuclear sanctions against the country.

Guido Stefanelli, the CEO of the Milan-based company, signed an MoU (memorandum of understanding) with Iran’s Ministry of Health in Tehran,  where three of the 1,000-bed hospitals will be built, according to an Iran Project report.

Two 500-bed units will be constructed in Iran’s northern city of Rasht and Nayshabur in the country’s northeast, the report said quoting Italian news agency AGI.

Pessina Costruzioni, Italy’s leader in the construction and management of hospitals, will be one of the first foreign firms to return to Iran after the lifting of sanctions and reopening of financial exchanges.

Iranian President Hassan Rouhani is scheduled to visit Italy and France from January 25 to 27.

Meanwhile, South Korea’s Eximbank has already signed an MoU with an Iranian entity to build 10 hospitals and pharmaceutical centres in the country.