Cash-boost from Kuwait 'will help create jobs':PM

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Prime Minister Enrico Letta said the investment from Kuwait will help create jobs. Photo: Vincenzo Pinto/AFP
08:44 CET+01:00
A €500 million investment in Italy from Kuwait’s Investment Authority “will help Italian companies and create jobs”, Prime Minister Enrico Letta said.

The prime minister announced the cash injection from the world’s oldest sovereign wealth fund during a press conference in Kuwait on Tuesday, La Stampa reported.

As Italy continues to grapple with one of the highest unemployment rates in Europe, Letta said the investment in the FSI, part of the Italian state lender Cassa dei Depositi e Prestiti (CDP), would help Italian firms recapitalize and create much-need jobs.

“Outside Italy, there is confidence in us,” Letta said as he rounded off a trip to the Gulf that included visits to Qatar and the United Arab Emirates.

The debt-laden Alitalia is also in “advanced talks” with the Abu Dhabi carrier Etihad about a possible investment. Letta said the potential deal was another key part of the trip.

READ MORE HERE: Etihad in 'final stage' of Alitalia stake talks

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An agreement was also signed for collaboration between Expo Milan 2015 and Expo Dubai 2020, La Stampa reported.

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