{"id":13346,"date":"2024-07-09T07:33:06","date_gmt":"2024-07-09T07:33:06","guid":{"rendered":"https:\/\/gbc1.net\/?p=13346"},"modified":"2024-08-07T09:52:15","modified_gmt":"2024-08-07T09:52:15","slug":"italy-and-algeria-seal-450m-deal-to-boost-food-security","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2024\/07\/09\/italy-and-algeria-seal-450m-deal-to-boost-food-security\/","title":{"rendered":"Italy and Algeria Seal $450M Deal to Boost Food Security"},"content":{"rendered":"\n

On 3 July 2024, Italy and Algeria signed a EUR 420 million agreement to enhance #FoodSecurity<\/a>. At the signing ceremony, the Algerian side was represented by Ministers of Agriculture and Finance, Youssef Charfa and Aziz Faye, respectively.<\/p>\n\n\n\n

On the other hand, the Italian side was represented by Italian Minister of Agriculture Francesco Lollobrigida and Bonifiche Ferraresi CEO Federico Vecchioni.<\/p>\n\n\n\n

The Italian company Bonifiche Ferraresi (BF) and Algerian National Investment Fund (NIF) partnered to develop a 36,000-hectare farm in Timimoun State in Algeria. The actual agreement was signed by Best Fields, a subsidiary of BF SpA, the Agricultural Investment Fund of Algeria and the Algerian Ministry of Agriculture. <\/p>\n\n\n\n

As per agreement, Best Foods will hold a 51% controlling stake while the remaining 49% will be split between the Algerian entities.<\/p>\n\n\n

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\"\"<\/figure><\/div>\n\n\n
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“Africa and Europe are pillars for ensuring #FoodSecurity<\/a>, with all parties looking at and addressing the major issues in an attempt to resolve them with a common sense of commitment.”<\/p>\nItalian Minister of Agriculture Francesco Lollobrigida<\/cite><\/blockquote>\n\n\n\n

The farm is expected to grow cereals and pulses. Some 70% of the land will be dedicated to either durum wheat or soft wheat, while the remaining area will grow lentils, chickpeas and other beans. <\/p>\n\n\n\n

Additionally, a pasta factory, storage facility and seed facility are also on the drawing board. The Project is expected to generate 6,700 employment opportunities.<\/p>\n\n\n\n

The project is in line with Algeria’s plan to achieve self-sufficiency in wheat by increasing cultivation are to 500,000 hectares. Currently, Algeria only utilizes 17% of its available land and is the world’s 5th largest import of wheat in 2023.<\/p>\n\n\n\n

The Italian side highlighted that the project follows the spirit of the #MatteiPlan<\/a>. The Plan was updated and presented during the recent Italy-Africa Leaders Summit (#IALS2024<\/a>), whereby Italian PM Meloni pledged some EUR 5.5 billion for Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

On 3 July 2024, Italy and Algeria signed a EUR 420 million agreement to enhance #FoodSecurity. 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