Intel will receive almost $11 billion in subsidies from Germany to build a large factory in Magdeburg

Intel will still receive an increased subsidy for the construction of a German production plant

semiconductor products. The new enterprise will appear in the city of Magdeburg.

What is known

The German authorities entered into an agreement withby the American processor giant to provide it with €10 billion ($10.8 billion) in subsidies to build a plant. The package, in addition to financial subsidies, includes a cap on the cost of energy.

Initially, Germany agreed to provideonly €6.8 billion ($7.34 billion) in subsidies due to tight budgets. Intel wanted €10 billion ($10.8 billion) and Federal Chancellor Olaf Scholz agreed.

Source: Bloomberg