In a significant move to bolster innovation and technological advancement, Italy has announced the creation of a new investment fund dedicated to Artificial Intelligence (AI). Prime Minister Giorgia Meloni revealed plans for the fund, which starts with an initial endowment of 1 billion euros ($1.09 billion), during a conference on AI in Rome.
The fund, supported by CDP Venture Capital—a unit of the state lender Cassa Depositi e Prestiti (CDP)—is not just a standalone initiative. According to CDP’s chief executive Agostino Scornajenchi, there is potential to attract an additional 2 billion euros from private sector investments.
This strategic move comes as Italy assumes the presidency of the Group of Seven major democracies this year, with a focus on addressing the impact of AI on jobs and inequality. Moreover, the Italian government is intent on establishing clear safeguards for the development of AI technologies.
Prime Minister Meloni emphasized the country’s unique approach to AI, stating, “We are convinced that there can and must be an Italian way to artificial intelligence.” She also mentioned that the government is actively working on legislation to regulate the AI sector within Italy.
The upcoming bill, expected to be presented in the next few weeks, will include the formation of a new supervisory body. This entity will play a crucial role in supporting and overseeing the implementation of Italy’s national AI strategy, as explained by Cabinet Undersecretary Alessio Butti.
Italy’s commitment to advancing AI and its regulatory framework underscores the nation’s dedication to being at the forefront of technological innovation. The establishment of this significant investment fund marks a pivotal step in positioning Italy as a key player in the global AI landscape.
