UPDATE 1-Italian PM says Kuwait to invest 500 mln euros in Italy
(Adds quotes, background, detail)
KUWAIT Feb 4 (Reuters) - 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.
- Lost airliner was diverted deliberately: Malaysian PM |
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Malaysia PM says lost plane's movements indicate a deliberate act
- UPDATE 2-Satellite data shows missing Malaysia plane may have flown thousands of miles-source
- UPDATE 1-Rolls-Royce concurs with Malaysia on missing jet's engine data