Algeria and Italy Ink €420 Million Agricultural Investment Deal

By AFP

Algeria and Italy have signed a significant agricultural agreement worth €420 million ($455 million), marking Italy's largest agricultural investment in the southern Mediterranean. The project, covering 36,000 hectares in Algeria's Timimoune province, aims to produce wheat, lentils, and beans, potentially boosting Algeria's non-hydrocarbon exports and creating 6,700 jobs.

This deal aligns with Algeria's strategy to expand agricultural production areas in its desert south to 500,000 hectares. It follows a recent $3.5 billion agreement between Algeria and Qatar's Baladna to establish a large-scale cow-breeding facility for powdered milk production.

The Italian investment is part of Prime Minister Giorgia Meloni's "Mattei Plan," named after Enrico Mattei, founder of the Italian energy company Eni. This initiative aims to reduce irregular migration from Africa through strategic investments in the continent. Meloni described the plan as a "non-predatory" cooperation program between Europe and Africa, initially valued at €5.5 billion.

The Mattei Plan focuses on investments in energy, agriculture, water, health, and education across African countries. Similar agreements have already been signed with other nations, including Tunisia and Libya, as Italy seeks to strengthen its economic ties and influence in the region.