Italy plans to set up a fund with at least EUR 2 billion (USD 2.2 billion) at its disposal to bolster strategically important supply chains, a draft bill seen by Reuters showed. The "Made in Italy" fund will have an initial endowment of EUR 700 million in 2023 and an additional 300 million next year in state cash. A previous draft reported in May envisaged EUR 500 million from private investors. State-controlled groups including Cassa Depositi e Prestiti (CDP) could inject resources in the fund.
The Italian government has made it a priority to extract more such materials at home to ensure local industry becomes less reliant on imports from other countries. These are necessary for the dual transition, ecological and digital, which is crucial for Italian industry to be more independent in the production of electric batteries and solar panels. Italy is working within the framework of the European Union's Critical Raw Materials Act, a centerpiece of the EU strategy to ensure its industry can compete with the United States and China in making clean tech products and accessing the necessary raw materials. Once it has entered into force, the government will issue a separate decree defining how the fund will work and how to appoint its managing company, which would receive EUR 2.5 million in annual fees, according to the draft.

Source:
https://www.msn.com/en-us/news/other/italy-plans-2-2-bln-fund-to-support-key-supply-chains/ar-AA1eHAl7