Business, Financials
December 6, 2011

Italian gov’t releases ¤5b for infrastructure

Italian Premier Mario Monti has announced emergency measures that seek to save ¤30 billion through austerity measures. (AP Photo/Gregorio Borgia)

MILAN, Italy

Italian Premier Mario Monti’s government will release ¤4.8 billion (US$6.43 billion; $557 billion) from state coffers to fund major infrastructure projects to help stimulate economic growth.

The move is part of Monti’s program to help Italy revive its economy. The former EU commissioner has announced emergency measures that seek to save ¤30 billion through austerity measures. About ¤10 billion of savings from those measures would be reinvested to spur growth.

The funds released yesterday from state coffers will pay for highway expansion, new railways and moveable barriers to help protect Venice from floods. Many of the projects have been stalled in progress or stuck in planning.

Economists have mixed views on how effective infrastructure programs are for spurring economic growth, with many saying privately-funded projects are better.

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