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Kuwait invests 500 million euros in Italy

'Unprecedented deal' to create jobs, shows confidence in nation

04 February, 16:33
Kuwait invests 500 million euros in Italy (see related) (ANSA) - Kuwait City, February 4 - The Kuwait Investment Authority (KIA) sovereign wealth fund, one of the leading in the world, will invest 500 million euros in the Italian Strategic Fund (FSI) and, through the fund, in Italian companies, Premier Enrico Letta told a press conference in Kuwait City on Tuesday.

The investment in the FSI, part of Italian state lender Cassa dei Depositi e Prestiti (CDP), will be used to "capitalize, re-launch and help Italian enterprises", said the premier, adding that agreements wrapped up in the Gulf would help Italian firms "to become stronger: they are the best response to rampaging defeatism in our country. Outside Italy, there is confidence in us".

Letta called the announcement a major achievement of the trip, saying it would help shore up Italian enterprises and create much-needed jobs. Italy's jobless rate stood at 12.7% in December, the latest data available, alongside youth unemployment close to a soaring 42%. Letta remarked that the deal marked the most important event of the trip after the "Alitalia dossier," referring to the announcement by Etihad Airways of Abu Dhabi that it planned to invest in the troubled Italian carrier. Letta paid an official visit to the UAE alongside a high-level delegation over the weekend. The premier expressed satisfaction with the trip, saying "we are going home with unprecedented results".