February 12, 2009 / 10:51 PM / in 10 years

UPDATE 1-Libya says to set up joint fund with Mediobanca

(Adds Mediobanca declining comment, paragraph 4)

ROME, Feb 12 (Reuters) - Libya has agreed to set up a joint fund with Italian bank Mediobanca (MDBI.MI) to invest in Italian companies, Libya’s planning minister and chairman of the country’s investment authority said.

Abdulhafid Zlitni said nothing had been signed yet but that the deal had been agreed in principle.

He said the fund was likely to be between $250 million and $500 million in size and that it would consider investments in distressed companies. Zlitni cited pharmaceutical, information technology and real estate as among the sectors of interest.

A spokeswoman for Mediobanca declined comment. (Reporting by Deepa Babington; editing by Carol Bishopric)

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