Italian PM Enrico Letta says move is an 'injection of confidence in our country'
Kuwait's sovereign wealth fund will invest 500 million euros ($676 million) in Italian companies in coordination with Italy's own strategic investment fund, Prime Minister Enrico Letta said on Tuesday.
The deal follows similar agreements with Qatar's investment fund last year to invest in Italian companies operating in the fashion, food and tourism sectors and a separate deal with the Russian Direct Investment Fund.
Kuwait and Italy will create a company with capital of 2.5 billion euros, of which 80 percent will come from Italy's strategic investment fund, the FSI, and the remainder from the Kuwait Investment Authority.
"This is an extraordinarily important development, it's an injection of confidence in our country," Italy's Letta said at a news conference in Kuwait during a visit to the Gulf states to attract interest in Italy as an investment destination.
The FSI said the deal would be signed formally in March.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Maybe Kuwait can get Italy to build them a new airport and much needed metro system in order to help alleviate the massive gridlock throughout the country. Maybe Italy can export to Kuwait proper streets lights for their highways because you can barely see to drive at night due to lack of proper street lights on major highways? Maybe Italy can build Kuwait a new zoo so they can alleviate the suffering that the poor animals have to endure being in that old zoo in Kuwait that had to recently post pictures of the animals on instagram because they could no longer afford to care for them. Maybe Italy can help Kuwait deal with the pollution levels that have endangered the waters off-shore and the quality of the local fish population? Maybe Kuwait should start to invest in their own country instead of investing abroad for the sake of Kuwait's future generations?
Wooha Kuwait investing everywhere but domestically. Can't wait to see the robber barons get robbed.