I've got a Cinzia folder that is similar in a couple of ways. The locking mechanism where it folds looks to be very close, as does the handlebars. Also, the overall quality of them....I think they were novelty bikes..and not terribly convenient as folders. The differences are mine has a down tube stick shifter, a light powered by a front wheel generator, and a built in rack. I think yours and mine are cousins...variations of the same basic design.
Here's how I have it described on
www.oldroads.com I picked up this Cinzia folding bike from a neighbor for $25. It's in pretty good shape, a bit rusty in spots from sitting for the past 30 years. It has 3 speeds, with the shifter on the downtube, quick releases for both the seat and handlebars, a generator on the front wheel for a headlight and taillight, a rear rack that is part of the frame. All the parts seem to be Italian, including the original Pirelli tires which are in good shape. Given the shape the tires are in and in talking to the owner, this bike hasn't been ridden much. My guess is that it was built in the 1960's. I'm planning on cleaning it up a bit and getting it in rideable shape, don't have the time or ability to do a total restoration. Not that I needed another bike, but it seemed to unique and cool to pass up.