Italian Government Backs Up The Blockchain Industry

• The initial budget of the subsidies loans was 46 million euros.
• Public, private and joint sectors are eligible for this subsidies loans.

The Economic Minister revealed on Tuesday, July 6, that industries, both public and private, will be able to apply for loans from the government to help fund the development of projects that involve blockchain and artificial Intelligence. According to the Italian government’s official statement, 45 million euros or $46 million USD is set as the initial fund for the plan.

 Giancarlo Giorgetti, the Economic Minister said:

We support companies’ investments in cutting-edge technologies to encourage the modernization of production systems through management models that are increasingly interconnected, efficient, secure, and fast. The goal of competitiveness requires the manufacturing industry to constantly innovate and use the potential of new technologies.

Ministry’s Instructions to Firms

The Ministry of Economic Development (MISE) has published a decree on the procedure and terms that have to be followed by the research firms to apply for subsidy loans  

The initial application for the subsidies loan starts on 21 September 2022, for the public, private and joint sectors to carry out new innovative technology projects. To ease the process,  the government plans to open the pre-application on the online platform on 14 September.

With the fund, the eligible people can get no less than 500 thousand euros and not more than 2 million euros for the following sectors: manufacturing industries, education, agri-food, health, environment, and infrastructure, culture and tourism, logistics and mobility, information security and technologies, and aerospace. The MISE plans to deploy Infratel systems to track down the applications, plan’s implementation and the related firm’s new blockchain projects.