Italy-Qatar invest 4bln euro in joint business venture

Itallian premier 'satisfied', corporate governance is equal

19 November, 15:11

    CDP's Ceo Giovanni Gorno Tempini CDP's Ceo Giovanni Gorno Tempini

    (ANSAmed) - ROME - The Italian Strategic Fund (ISF), controlled by the CDP and Qatar Holding (QH) signed an agreement today for the establishment of a joint venture called 'IQ Made in Italy'.

    The ISF and QH pledged 4 billion euro to the project over the next four years with an initial installment of 300 million euro. The agreement was signed during Mario Monti's visit to Qatar today.

    According to a statement IQ Made in Italy Venture will invest in Italian businesses operating under the 'Made In Italy' umbrella. These include food production, fashion, design, tourism and lifestyle. ßß"By combining the local know-how of the FSI with the global comprehensive knowledge of QH, the venture is able to provide companies with a unique set of skills that enhance growth processes" said the CDP, a joint-stock company under public control.

    The FSI and QH will run IQ Made in Italy with joint governance.

    "This first accord with Gulf investors is of great importance for the whole group", said CDP President Franco Bassanini, "because it will foster the development of other co-investment deals with both the IFS and other instruments of the Group". "We are really pleased with the accord with a partner of high quality", said IFS President Giovanni Gorno Tempini.

    "The joint venture shows how certain sectors of the Italian economy can be tempting for foreign investors who understand the potential for global expansion", he added. Italian Premier Mario Monti on Monday said he is satisfied with Italy-Qatar cooperation. ''It is multiform, with a great deal of commercial relations in both directions, and which today are moving on the investment front,'' the premier said.

    The premier also voiced his satisfaction at the signing of a joint venture agreement between Italy's Fondo Strategico Italiano (FSI) and Kuwait's Al Qurain Holding Company (QH). ''Corporate governance is equal, and the Italian part assumes a good finalization of these investments,'' the premier said. He used this example to point out that anyonw who thinks foreign acquisitions in Italy are a way to sell out ''is making a huge mistake.'' (ANSAMed)

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