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December 2, 2023
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EU to offer $8.7 billion in aid to make chips, communication tech

Just weeks after Thierry Breton, the EU commissioner for industry, urged  Europe to make its own chips, the bloc has announced up to $8.7 billion (€8.1 billion) in public funding for building microelectronics and communication technologies.

The funding plan, put together by 14 EU member nations, was created as an  Important Project of Common European Interest (IPCEI), a project category that takes advantage of rules that allow member states to pool resources and cooperate across borders.

While the member states involved in the IPCEI will provide up to $8.7 billion in public funds, another $14.7 billion is expected in private investments, bringing total funding for projects under the plan to over $22 billion, EU Executive Vice President Margrethe Vestager said in a statement.

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