Paris, Jumada I 5, 1436, Feb 24, 2015, SPA -- Italy's Prime Minister Matteo Renzi and French President Francois Hollande signed an agreement Tuesday to pursue a railway project through the Alps and cooperate on securing broader diplomatic efforts in Libya, dpa reported. "France supports Italy's efforts at the highest level - the United Nations - to find solutions to a situation wrought with chaos and terrorism," Hollande said, referring to Libya. He was speaking at a joint press conference after a bilateral summit with Renzi and ministers. Renzi, while saying that the peacekeeping operation is not currently on the agenda, stressed that, "the issue of Libya is not just an Italian issue, but a priority for all of Europe, and a priority for the Mediterranean, which cannot turn into a grave, and cannot be at the periphery of our continent." Both leaders called for a political resolution in Libya and stronger diplomatic efforts, adding that growing humanitarian and migration issues prompted by ongoing violence must also be addressed. Included in the agreement signed by the two heads of state was a long-embattled railway to connect the French city of Lyon with the Italian city of Turin. The project includes a 57-kilometre tunnel that would drastically cut travel and transport times between the two countries. Hollande said that 40 per cent of the project would likely be financed by the EU. The railway project was launched more than ten years ago, and is anticipated to cost 8.5 billion euros (9.62 billion dollars). The agreement included statements of support from both leaders for an EU investment fund put forward by European Commission President Jean-Claude Juncker, and reiterated the countries' commitment to economic growth and reforms. It also outlined concerns over the number of people attempting to cross into Europe, saying that the surveillance of maritime borders must be complemented by actions targeting the root causes of migration. -- SPA 00:07 LOCAL TIME 21:07 GMT www.spa.gov.sa/w