Several Gulf sovereign wealth funds are in talks with Milan about funding billions of euros of infrastructure and property investments in the northern Italian city ahead of Expo 2015, the world fair that is scheduled to be held there, it has been revealed.

Letizia Moratti, mayor of Milan, is using the Expo 2015 to find new sources of international capital for the city. She says Qatar and other Gulf countries are interested in investing in the €14bn ($22bn, £11bn) of planned projects.