With backing from CDP Venture Capital, a division of state lender Cassa Depositi e Prestiti (CDP), the fund could raise an additional €2 billion from the private sector, according to the firm’s chief executive, Agostino Scornajenchi.

Both PM Meloni and Scornajenchi were speaking during a conference on artificial intelligence held in Rome, Reuters news agency reports.

Italy has stated it aims to leverage its presidency of the Group of Seven leading democracies this year to prioritise ways in which AI influences employment and inequality, while also establishing protective measures for its technological advancement. 

“We are convinced that there can and must be an Italian way to artificial intelligence,” the prime minister said in a video message, going on to add that Italy’s government is currently working on a bill aimed at regulating the sector within the country. 

"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 added.

Within the forthcoming legislation slated for presentation in the coming weeks, Cabinet Undersecretary Alessio Butti stated that Rome intends to establish an organisation tasked with supervisory and supportive functions in the execution of the national artificial intelligence strategy.

The creation of the investment fund corresponds with global efforts to utilise AI's potential for societal progress, while also tackling issues such as job displacement and social disparities. Italy's action highlights its dedication to leveraging AI for the benefit of its people and the international community as a whole, paving the way for responsible AI management and creativity, CPI reports.