Italy AI fund: Italy to set up AI fund of 1 billion euros, PM Giorgia Meloni says

Italy plans to set up an investment fund with an initial endowment of 1 billion euros ($1.09 billion) to promote Artificial Intelligence (AI) projects, Prime Minister Giorgia Meloni said on Tuesday.

Backed by CDP Venture Capital, a unit of state lender Cassa Depositi e Prestiti (CDP), the fund could raise a further 2 billion euros from the private sector, the company’s chief executive Agostino Scornajenchi said.

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Meloni and Scornajenchi were speaking at a conference on AI in Rome.

Italy wants to use its presidency of the Group of Seven major democracies this year to focus on the impact of AI on jobs and inequality, while also laying down safeguards for the development of the technology.

“We are convinced that there can and must be an Italian way to artificial intelligence,” Meloni said in a video message, adding that the government is working on a bill to regulate the sector in Italy.

As part of the planned legislation, to be presented in the next few weeks, Cabinet Undersecretary Alessio Butti said Rome would create a body with a supervisory and supporting role in the implementation of the national AI strategy.