TLDR:
- Italy sets up a €1B AI fund with backing from state lender Cassa Depositi e Prestiti (CDP).
- Italy is considering new penalties for the misuse of AI technology.
Backed by state lender Cassa Depositi e Prestiti (CDP), Italy is committing €1bn to AI development over the course of the next five years. The investment will target startups, scaleups, and research. Prime Minister Giorgia Meloni announced the plan for a dedicated AI fund, aiming to act as a multiplier to attract further investment. The funds will be divided with €580mn for startups, €300mn for mature companies ready to scale abroad, and €120mn for technology transfer from university research to market.
Italy is also working on its own AI legislation to complement the EU’s AI Act. The legislation is focused on establishing ethical rules to guide the development of AI technology. Part of the draft bill includes heavy penalties for crimes assisted by AI tools, such as money laundering, market rigging, and copyright infringement. The timeline for the implementation of the law is still uncertain.
This new investment plan and expected legislation in Italy align with the broader movement in the EU to strengthen innovation and economic competitiveness in the AI field while setting up regulations to mitigate potential risks.
