ROME, May 31 (Xinhua) -- Italian law professor Giuseppe Conte was reappointed as Prime Minister-designate to lead a coalition government on Thursday, the presidential palace stated.

His name was submitted to Italian President Sergio Mattarella by anti-establishment Five Star Movement (M5S) and far-right League parties, which had already named him for the post in a previous bid last week.

His government will be sworn in at 4 p.m. local time on Friday.

Conte was summoned at the presidential palace at 9 p.m. local time, to speak to the head of state. He unveiled a new cabinet line-up comprising 17 ministers, which included M5S leader Luigi Di Maio and League chief Matteo Salvini both serving as deputy prime ministers.

"We are going to work hard to fulfill all of the political goals included in our government contract," Conte said in a short speech after being designated.

"Our best efforts will be focused on improving the life conditions of all Italians," he added.

Conte's first attempt to assemble an M5S-League cabinet collapsed on Sunday, after the president nixed his choice of a Eurosceptic economist as finance minister.

In the new cabinet line-up, this role will be given to Giovanni Tria, professor of Political Economy at the University of Rome Tor Vergata, the PM-designate said.

About one hour before Conte was summoned on Thursday, former International Monetary Fund official Carlo Cottarelli had returned to the head of state his mandate to form a caretaker cabinet.

In a statement, the president "thanked Cottarelli for his seriousness, sense of the institutions, and constant attention paid to the national interests that have marked his commitment."

The latest development came after a last-minute agreement was reached between League and M5S on Thursday afternoon, in order to avoid the formation of Cottarelli's technocrat cabinet.

The two parties were rivals in the inconclusive elections held on March 4, but decided to join their forces after emerging as the two most voted parties.