Italy’s Prime Minister Giorgia Meloni said on Tuesday the government will create an investment fund worth 1 billion euros (1.1 billion U.S. dollars) to promote the development of artificial intelligence (AI), according to Xinhua.
Speaking via video link at a meeting on “Artificial Intelligence for Italy” in Rome, Meloni said the fund will come from the venture capital unit of Cassa Depositi e Prestiti, the state lender.
It will be activated in conjunction with a yet-to-be-finalized Italian law on AI aimed at regulating the new technology, she said.
“The government is preparing a new law that will establish principles and set rules complementary to European Union regulations… and identify the most effective measures to stimulate our productive capabilities,” Meloni said.
She said the government has not yet decided what entity will oversee the regulation of AI-based technologies.