Italy's Cassa Depositi e Prestiti (CDP) has announced a substantial investment of E1 billion over the next five years in AI and cybersecurity through its venture capital arm. The investment aligns with the Italian government's broader agenda, as the chair of the G7, to prioritise the impact of AI on employment and inequality, unveiled in March with the establishment of an investment fund supported by CDP to foster AI projects.

From 2024 to 2028, the fund aims to inject E8 billion into fostering innovation and competitiveness within Italy's technology sector. Namely, CDP Venture Capital intends to allocate approximately E580 million towards startups while earmarking E300 million for companies poised for international expansion. Additionally, E120 million will facilitate technological transfer, particularly for university research initiatives.

Agostino Scornajenchi, Chief Executive of CDP Venture Capital, expressed confidence in Italy's innovation prowess, citing its rich scientific and technical heritage. He emphasised the need for Italy to reclaim a leading role in the global economy by leveraging its strengths in innovation and competitiveness, positioning itself as a key player in the international arena.