MILAN – Italian bank Unicredit and its charitable foundation have signed a deal to restore Verona's Roman amphitheater, the Arena, for 14 million euros ($17.5 million).
The project will secure the open-air Arena, the world's third-largest Roman amphitheater, against infiltration from rain which has damaged the seating areas, stairs and modern infrastructure like the electrical system.
The deal, signed Wednesday, falls under a government initiative to encourage private donations to restore and support Italy's cultural patrimony, providing donors with a 65-percent tax credit. Verona Mayor Flavio Tosi said state funds alone are insufficient to undertake a restoration of this scale.
The Arena is one of Verona's biggest tourist attractions and the venue for its famed summer opera festival. Some 1.5 million people visit it each year.
Fox News' "Antisemitism Exposed" newsletter brings you stories on the rising anti-Jewish prejudice across the U.S. and the world.