Algeria and Italy signed a “strategic” agreement on Saturday to execute a “massive” project for grain, legume, and food industries production in the southern province of Tamanrasset, Algeria, under the auspices of the “Mattei Africa” institution from 2024 to 2028.
The Algerian presidency’s statement highlighted President Abdelmadjid Tebboune’s participation in the G7 summit held in the Italian city of Bari, where discussions centered on climate change effects and development in Africa, culminating in a strategic agreement between Algeria and Italy.
This partnership aims to implement a large-scale project in Tamanrasset under the “Mattei Africa” institution, focusing on grain, legume production, and food industries.
The statement further emphasized that the project seeks to enhance and strengthen the longstanding excellent bilateral relations between Algeria and Italy across all levels, propelling the national economic trajectory towards greater self-sufficiency.
Last week, Omar Rakash, Director General of the Algerian Investment Promotion Agency, announced an agricultural project between the Algerian Investment Fund and the Italian partner “Bonifiche Ferraresi SpA” to cultivate grains in Tamanrasset over an area exceeding 36,000 hectares, with an investment totaling more than $420 million.
Algeria has become Rome’s principal supplier of gas through the Transmed pipeline connecting Algeria to Italy via Tunisia.
Last year, Italian Prime Minister Giorgia Meloni visited Algeria on a “working and friendship” visit, meeting with the Algerian president.
Additionally, Fiat’s Italian subsidiary, part of the Stellantis Group, inaugurated an automobile assembly plant in Oran, western Algeria, with an initial production capacity of 50,000 vehicles per year from four models.
This strategic agreement marks a significant step in boosting agricultural production in Algeria’s southern regions, fostering economic ties between the two nations, and strengthening Algeria’s role as a key partner in regional development initiatives.
