Italy is embarking on an ambitious plan to establish a substantial investment fund to advance Artificial Intelligence (AI) projects within the country, announced Prime Minister Giorgia Meloni on Tuesday. This initiative is set to begin with an initial funding of 1 billion euros ($1.09 billion), creating a robust foundation for promoting and developing AI technologies.

The fund is supported by CDP Venture Capital, which operates under Cassa Depositi e Prestiti (CDP), Italy’s state-backed financial institution known for its investment in innovative and strategic sectors for the country’s economic growth.

During a conference on AI held in Rome, which brought together experts, policymakers, and industry leaders to discuss the future of AI and its implications, Agostino Scornajenchi, CEO of CDP Venture Capital, revealed the potential for the fund to attract an additional 2 billion euros from private sector contributions.

This ambitious goal underscores Italy’s commitment to becoming a key player in the global AI landscape by leveraging public and private investments. Under its presidency of the Group of Seven (G7), the world’s major democracies, Italy is keen to steer international dialogue towards understanding AI’s impact on labour markets and social equality.

The country aims to harness this influential platform to foster discussions on establishing ethical standards and protective measures that ensure responsible development and application of AI technologies.

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In a video message delivered at the conference, Prime Minister Meloni expressed Italy’s resolve to find a unique approach to integrating artificial intelligence into society and the economy. “We are convinced that there can and must be an Italian way to artificial intelligence,” she stated, emphasising the government’s dedication to shaping a future where AI is developed and utilised in a manner that aligns with Italy’s values and social fabric.

In line with this vision, the Italian government is focusing on the financial aspects of fostering AI development and creating a regulatory framework that ensures the technology’s ethical use.

Meloni mentioned that the government is actively working on legislation regulating the AI sector within Italy. This upcoming bill, to be presented in the forthcoming weeks, signifies Italy’s proactive stance in navigating the complexities and challenges posed by AI.

Adding to the government’s comprehensive approach, Cabinet Undersecretary Alessio Butti disclosed plans to create a new agency. This body will play a critical supervisory and supportive role in the rollout of Italy’s national AI strategy.