Italy’s Prime Minister Giorgia Meloni (pictured) outlined plans to create an investment fund worth €1 billion dedicated to funding AI projects in the country, a move financed by the venture capital arm of state lender Cassa Depositi e Prestiti.

During an event hosted by Italy’s department for digital transformation, Meloni announced an objective to ramp up investments in AI by establishing a new fund as well as using existing ones focused on the technology.

The politician explained the strategy will attract further investments, aligning with a desire to develop “an Italian way” to develop and govern AI systems.

There is also an expectation for the fresh investment fund to attract a further €2 billion from the private sector.

In a speech, Meloni named AI as the era’s “greatest revolution” and challenge from an economic, social and anthropological point of view, arguing the technology can positively impact society “only if its development moves within a perimeter of ethical rules that put the person, their rights and their needs at the centre”.

In keeping with this ethos, Meloni highlighted a national AI strategy put together by a committee “made up of the best Italian experts”, as she identified a need for strong support around research, experimentation and competitiveness.

Further, preparations are already underway for a legal provision designed to establish principles and “determine the rules complementary to those of the European regulation” around the use of AI, Meloni said.