Algeria and Italy signed a €420 million (approximately $455.3 million) agreement today, Saturday, concerning an Italian investment project aimed specifically at wheat production and enhancing food security in the largest African country by area, according to a joint statement.
The statement noted that the Italian group "Bonifaci Ferrari" (BF) and the National Investment Fund will implement the project for the production of grains and legumes, covering an area estimated at 36,000 hectares in the Timimoun province.
The project will focus on producing wheat, lentils, dried beans, and chickpeas, in addition to establishing a unit for producing pasta and a storage facility. The project is set to launch in 2024 and is expected to boost exports while creating more than 6,700 job opportunities, according to the source. Algeria aims to achieve self-sufficiency in durum wheat through this project by increasing production areas to 500,000 hectares in the south.
