Rome has agreed to fund almost 40% of Intel’s chip investment in Italy.
According to two sources close to the issue, offering to fund 40% of Intel’s total investment in Italy will make it competitive with similar investments in other regions.
Funding Intel’s project will however not be complete without the European Union’s greenlight. Italy is in talks with the European Union on the issue.
“It will be for Brussels to eventually decide how much, but I think Italy will contribute 30-40% of the total investment, probably something closer to 40%,” the source stated.
It remains unclear how Italy will provide the funding. To secure the deal, Italy will however be relying on new funding rules for innovative semiconductor facilities.
The rule was announced last month by the European Commission under the so-called Chips Act.
Intel recently announced plans to build a chip packing and assembly plant in Italy.
The Italian facility is expected to start operations between 2025 and 2027. It will provide about 1,500 direct jobs and an additional 3,500 jobs among suppliers and partners.
For more information, read the original story in Reuters.
