News Business Italy Launches 1 Billion Euro AI Fund to Drive Innovation
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Italy Launches 1 Billion Euro AI Fund to Drive Innovation

Rome, March 12, 2024

Italy is stepping up its commitment to Artificial Intelligence (AI) by establishing a groundbreaking investment fund. Prime Minister Giorgia Meloni unveiled the plan, which involves an initial endowment of 1 billion euros ($1.09 billion), aimed at propelling AI projects to new heights.

Investing in the Future

The ambitious fund, backed by CDP Venture Capital (a unit of state lender Cassa Depositi e Prestiti), seeks to ignite innovation across various sectors. With the potential to raise an additional 2 billion euros from the private sector, this initiative promises to accelerate AI research, development, and implementation.

Italy's Vision for AI

Prime Minister Meloni emphasized that Italy's presidency of the Group of Seven major democracies provides a unique platform to address AI's impact on jobs and inequality. The fund represents a strategic move to shape an "Italian way" of approaching artificial intelligence.

Regulation and Safeguards

As part of the planned legislation, Rome will establish a supervisory body responsible for implementing the national AI strategy. Cabinet Undersecretary Alessio Butti confirmed this critical step, ensuring responsible and ethical AI development within Italy.

Conclusion

Italy's commitment to fostering AI innovation underscores its determination to lead in the global technology landscape. With the 1 billion euro fund, the nation is poised to drive transformative advancements while safeguarding societal well-being.

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