AGS NEWS – Italian Prime Minister Giorgia Meloni announced plans to establish a 1 billion euro investment fund aimed at fostering Artificial Intelligence (AI) initiatives during a conference in Rome on Tuesday.

The fund, initially supported by CDP Venture Capital, a division of state-owned lender Cassa Depositi e Prestiti (CDP), could potentially secure an additional 2 billion euros from private sector contributions, according to CDP’s CEO Agostino Scornajenchi.

Meloni emphasized Italy’s desire to leverage its presidency of the Group of Seven (G7) to address the impact of AI on employment and inequality, while also implementing measures to ensure responsible AI development.

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She highlighted the government’s commitment to crafting legislation to regulate the AI sector in Italy.

As part of the forthcoming legislation, which will be presented in the coming weeks, Cabinet Undersecretary Alessio Butti revealed plans to establish a supervisory body to oversee and support the implementation of the national AI strategy.