Italy's Prime Minister Giorgia Meloni has announced plans to establish a 1 billion euro investment fund to promote AI projects. The fund, backed by CDP Venture Capital, a unit of state lender Cassa Depositi e Prestiti (CDP), has the potential to raise an additional 2 billion euros from the private sector, according to Agostino Scornajenchi, the CEO of CDP Venture Capital.

The announcement was made during a conference on AI in Rome, where Meloni and Scornajenchi discussed the importance of AI and its impact on Italy's economy. Italy aims to use its presidency of the Group of Seven (G7) major democracies this year to focus on the impact of AI on job creation and inequality. They aim to ensure that AI is developed in a responsible and ethical manner.

In her message, Meloni highlighted the belief that there can and must be an 'Italian way to artificial intelligence.' To regulate the AI sector effectively, the Italian government is working on a bill, set to be presented in the coming weeks. Cabinet Undersecretary Alessio Butti revealed that the legislation will establish a body with a supervisory and supporting role in the implementation of the national AI strategy.