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It was established by [[royal charter]] in 1927 as the [[National Fascist Party|Fascist]] tourist promotion agency, in contrast to the [[Italian Liberal Party|Liberal]] [[ENIT]] and the bourgeois [[Touring Club Italiano]]. Its first president was Ezio Maria Gray, an enthusiastic Fascist and [[corporatism|corporatist]].<ref>Bosworth, ''passim''</ref>
Its goal was to promote Italy as an international tourist destination and to support Italian foreign tourism. To do this, it created a network of [[travel agency|travel agencies]] in Italy and worldwide.<ref>https://www.bloomberg.com/profile/company/ICT:IM</ref> Its founding members were the [[Ferrovie dello Stato]], the [[Banco di Sicilia]], the [[Banco di Napoli]], and [[ENIT]] (the Italian national tourist board).
After its 1996 privatization, CIT was never able to establish itself financially, and was liquidated in [[bankruptcy]] court in [[Milan]] in 2008.<ref name="larep">{{cite news |url=http://ricerca.repubblica.it/repubblica/archivio/repubblica/2008/07/08/buco-da-un-miliardo-per-cit-fine.html |title=Buco da un miliardo per Cit a fine corsa il turismo di Stato |last=Galbiati |first=Walter |date=8 July 2008 |newspaper=[[La Repubblica]] |language=Italian |accessdate=3 July 2017}}</ref>
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