Per Reuters
Italy plans to invest in strategic firms with its new $1.1 billion sovereign fund
6/1/2023
Italy plans to invest in companies it found strategic with the help of its sovereign fund. The country's new fund would reportedly be worth $1.1 billion in cash.
The bill was approved by Italy's cabinet, which would allow the creation of a fund worth $1.1 billion to invest in domestic firms. The industry minister wanted to create this fund to shore up "strategic supply chains."
This investment would be directed to "Made in Italy" products and would support purchasing "critical raw materials." The document also revealed the plan to raise investment from the private sector.
The plan was to raise an "additional 500 million euros from private investors" and was reportedly part of the Patrimonio Rilancio fund launched in 2021. The fund was initially drawn up to assist companies affected by the pandemic, but now, it plans to help boost the local economy by investing in domestic firms.
Once the bill gets parliament approval, the next step would be a decree issued by the government to detail its plans. The decree would then specify "how the fund will work."
At the end of March, Italy drafted a law that, if approved, would ban the production and sale of cultivated food, including cell-based meat. This comes as other countries are already warming up to the sale of cultivated meat.
For example, in Singapore, the sale of cultivated chicken has already been permitted. In the US, it was also reported that two companies have already cleared the first regulatory hurdle.
In November, the US Food and Drug Administration gave a safety clearance to lab-grown meat for the first time.
Recently, Italy saw an increase in pasta prices, growing by 17.5% in March and 16.5% in April. This resulted from the pasta being produced when the price of raw materials was high.
See flow at unusualwhales.com/flow.
Other News:
- Italy’s government introduced a draft law that, if approved, will ban the production and sale of cultivated food
- Pasta prices saw a 17.5% increase in March and 16.5% in April in Italy
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