The candidacy is being financially supported exclusively by the regional governments of Lombardy and Veneto.
Deputy prime minister Luigi Di Maio said last month the government will send a letter of support for the bid to the International Olympic Committee “but as government we won’t provide 1 euro — neither for direct nor indirect costs”.
After a meeting on Wednesday with Sports Minister Giancarlo Giorgetti in Rome, Bach told reporters he was “very confident about this candidature”.
“They will have to work hard, but so far it is a very promising bid,” Bach added.
“Italy, with its passion for sport and its ability to successfully organise major events, has excellent chances of victory.”
The two Italian cities, Calgary and Stockholm are the only three definite candidates to host the sporting event.
The IOC will make a decision in June 2019.