Italy to establish a one billion euro AI fund, the PM says

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Italy to establish a one billion euro AI fund, the PM says
Italy to establish a one billion euro AI fund, the PM says

With an initial endowment of one billion euros, Italian Prime Minister Giorgia Meloni stated that her country plans to create an investment fund to encourage artificial intelligence (AI) companies.

Italy intends to establish an investment fund to support artificial intelligence (AI) projects, with an initial endowment of one billion euros ($1.09 billion).

Prime Minister Giorgia Meloni announced this on Tuesday.

According to Agostino Scornajenchi, CEO of the company, the fund, which is supported by CDP Venture Capital, a division of state lender Cassa Depositi e Prestiti (CDP), has the potential to generate an additional 2 billion euros from the private sector.

Speaking at an AI conference in Rome were Meloni and Scornajenchi.

This year, Italy hopes to utilize its presidency of the Group of Seven major democracies to highlight the effects of artificial intelligence (AI) on inequality and employment while also establishing guidelines for future technological advancements.

In a video message, Meloni stated, “We are convinced that there can and must be an Italian way to use artificial intelligence (AI). The government is working on a bill to regulate the sector in Italy.”

Undersecretary of the Cabinet Alessio Butti stated that Rome would establish a body to oversee and assist in the execution of the national AI policy as part of the legislation that is slated to be introduced in the coming weeks.

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