Italy and Qatar set up joint venture to invest in Italian firms

ROME - Italy's strategic investment fund FSI and Qatar Holding have signed a joint venture agreement to invest in Italian companies in sectors including food, fashion and luxury, furniture and design, tourism and leisure, FSI said in a statement on Monday.

Under the terms of the agreement, signed during a visit to the Gulf by Italian Prime Minister Mario Monti, the joint venture will have total capital of up to 2 billion euros ($2.5 billion), to be provided equally by both partners over the first four years.

The company, named IQ Made in Italy Venture, will start with 300 million euros of capital and will be run on equal governance terms by both partners.

FSI said the venture was aimed at investing in "leading businesses and at creating value through several levers, including sector consolidation and transformation through organic and international growth."