Germany will give Intel 6.8 billion euros in incentives

As one of the world’s largest chip manufacturers, Intel seems to receive great support in Europe. Today, the German government announced that approximately €6.8 billion in incentives will be provided for Intel’s first Magdeburg plant to be established in Europe.

Intel’s investment has exceeded 33 billion euros

The German government, which has already allocated a budget of approximately 2.7 billion euros for the incentive to be allocated for a total of three years, will provide the remaining amount from the 2023 and 2024 budgets. Announcing the new incentive to the local press, Martin Kröber, a member of the Bundestag in Magdeburg, said that “Intel’s facility in Magdeburg should act as a support for the entire Saxony-Anhalt region.”

Germany’s incentive for Intel’s factory in Magdeburg is only one-fifth of the company’s investment of more than 33 billion euros, according to the shares. However, construction is expected to begin in the first half of 2023 and be completed in 2027, with the first production to take place in 2027.