Algeria and Italy have signed a significant agreement worth 420 million euros (approximately $455.3 million) to invest in wheat production and bolster food security in southern Algeria.
The deal was finalized on Saturday and aims to enhance the agricultural capacity of the largest African nation by area.
The joint statement revealed that the Italian group Bonifiche Ferraresi (BF) and Algeria’s National Investment Fund will execute the project. This initiative will cover an extensive area of 36,000 hectares in the Timimoun province and focus on producing wheat, lentils, dried beans, and chickpeas.
Additionally, the project includes the establishment of a pasta production unit and a storage facility.
Scheduled to launch in 2024, the project is expected to boost exports and create over 6,700 jobs. Algeria’s primary objective is to achieve self-sufficiency in durum wheat by expanding production areas to 500,000 hectares in the south.
Algerian Agriculture Minister Youcef Chorfa announced plans to reclaim 500,000 hectares of land in the southern regions starting this year to enhance national grain production capacities and achieve food security.
In addition to this agreement, Chorfa mentioned that the development of these lands in the Algerian Sahara will involve cooperation with global companies, including Qatari firms.
The Algerian-Italian agreement is part of the “Mattei Plan,” named after Enrico Mattei, the founder of the Italian energy group Eni. Mattei advocated for cooperative relations with African countries in the 1950s.
The signing ceremony was attended by Chorfa and Aziz Fayed, alongside Italian Agriculture Minister Francesco Lollobrigida.
