“We are able to announce today for the first time, after a negotiation that lasted several weeks and which today saw the finalisation, the agreement which provides the investment of 500 million from the Kuwaiti Strategic Fund: cash that will be managed by the Italian strategic fund of Cassa depositi e prestiti to capitalise, relaunch and help Italian companies". The prime minister said, Enrico Letta, at the end of the mission in Kuwait City.
The agreement will be signed in March, as stated on the Strategic Fund website. The investments will come through a 2,5 billion Italian-governed joint venture. The capital of the newco will be subscribed to 80% by the FSI and 20% by the Kuwaiti fund Kia, one of the first investment funds in the world. The new vehicle will invest within the FSI perimeter, excluding sectors not covered by Kia's statute.
The agreement reached “is an extraordinary injection of confidence for our country. I hope that Confindustria welcomes this success and gives signs of confidence and not just defeatism”, the Premier said again, responding to the controversy opened in recent days by Giorgio Squinzi. The number one of the industrialists had stated that "the economic growth forecasts do not allow for optimism", going so far as to suggest the prospect of early voting, unless the Government demonstrates that it knows how to "change pace".
The operation closed in Kuwait raises the total investments of foreign sovereign wealth funds attracted by the Italian Strategic Fund to two billion. During 2013, in fact, the FSI had announced two other agreements of the same type: the first, in March, with the sovereign fund Qatar Holding for the creation of an equal joint venture of up to one billion for each member (resources that will be invested in the Made in Italy sectors: Fashion & Luxury, Furniture & Design, Food and Tourism); the second, in November, with the agreement for an equal investment of 500 million each between the FSI and the Russian sovereign wealth fund Russian Direct Investment Fund.
The Strategic Fund can only invest in healthy companies, which have a net annual turnover of at least 300 million euros and are active in specific sectors: defence, security, infrastructure and public services, transport, communication, energy, insurance and financial intermediation, research and high technology.
