Italy plans $4.5 billion fund to boost domestic chipmaking, innovative technologies - draft


FILE PHOTO: An Intel Tiger Lake chip is displayed at an Intel news conference during the 2020 CES in Las Vegas, Nevada, U.S. January 6, 2020. REUTERS/Steve Marcus

ROME (Reuters) - Italy plans to set aside more than 4 billion euros ($4.5 billion) until 2030 to boost domestic chip manufacturing and support innovative technologies, a draft decree seen by Reuters showed.

The move comes as the government tries to convince Intel to spend billions of euros on an advanced chipmaking plant in Italy that uses innovative technologies to weave full chips.

Rome is ready to offer Intel public money and other favourable terms to fund part of the overall investment, which is expected to be worth around 8 billion euros ($9 billion) over 10 years, Reuters reported in December.

As part of a broader decree to support the economy and curb surging energy bills, the government plans to allocate 150 million euros in 2022 and 500 million euros per year from 2023 until 2030, the decree showed. ($1 = 0.8949 euros)

(Reporting by Giuseppe Fonte; Editing by Keith Weir)

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