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Italy should establish an AI fund of 1 billion euros, PM says

Words reading "Artificial intelligence", miniature of robot and toy hand are depicted in this image shot December 14, 2023

ROME, March 12 (mod1s) - Italy wants to establish up an investment fund with an initial endowment of 1 billion euros ($1.09 billion) to support Artificial Intelligence (AI) companies, Prime Minister Giorgia Meloni announced on Tuesday. 

Backed by CDP Venture Capital, a subsidiary of state lender Cassa Depositi e Prestiti (CDP), the fund might attract an additional 2 billion euros from the private sector, the company's chief executive Agostino Scornajenchi said.

Meloni and Scornajenchi were presenting at a symposium on AI in Rome. 

Italy intends to use its presidency of the Group of Seven major democracies this year to concentrate on the effect of AI on employment and inequality, while also putting down protections for the growth of the technology. 

"We are convinced that there can and must be an Italian way to artificial intelligence," Meloni said in a video message, adding that the government is working on a law to regulate the field in Italy.

As part of the proposed law, to be introduced in the next few weeks, Cabinet Undersecretary Alessio Butti said Rome would form a body with a supervisory and supporting function in the execution of the national AI policy. 

($1 = 0.9147 euros)


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