“The settlement is a boost for the whole of Saxony-Anhalt,” says Martin Kröber, a member of the Bundestag. Now he reveals how much funding the US chip manufacturer receives.

The federal government will support the settlement of the US chip manufacturer Intel in Magdeburg with a billion amount. This was announced by Magdeburg’s member of the Bundestag, Martin Kröber (SPD).

He is very pleased that the federal government will support the settlement with a total of 6.8 billion euros until 2024, 2.7 billion are estimated in the 2022 budget alone, explained Kröber. “The settlement is a boost for the whole of Saxony-Anhalt.”

Already on Tuesday, the Eastern Commissioner Carsten Schneider (SPD) announced that the federal government wants to support the microelectronics industry in Germany with billions. In the next few years, more than twelve billion euros could flow into investment projects. In addition to Intel, discussions are being held with other investors in order to strengthen the microelectronics sector, according to the Federal Government Commissioner for the East.

Chips are to be produced in Magdeburg from 2027. In a first expansion stage, two neighboring semiconductor plants are to be built, which could create several thousand jobs. Intel initially wants to invest around 17 billion euros in this. Construction is scheduled to begin next year.