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German finance minister opposes topping up Intel subsidies

Paul van Gerven
Leestijd: 1 minuut

Finance Minister Christian Lindner says that Germany can’t afford increasing subsidies for Intel’s planned fab in Magdeburg. “There’s no more money available in the budget. We’re trying to consolidate the budget right now, not expand it,” Lindner told the Financial Times. His coalition partners, the Social Democrats and the Greens, are more open to providing additional financial backing.

Intel put construction of the 17-billion-euro chip plant on hold earlier this year, citing higher energy and construction material cost. Originally eligible to receive 6.8 billion euros in subsidies, the chipmaker is now looking for about 10 billion euros. Initial reports suggested that the German government would be willing to meet that demand, provided Intel would expand the project.

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