December 18, 2018 / 11:06 AM / a month ago

EU approves 1.75 billion euro aid to microelectronics plan by France, Germany, Italy, UK

BRUSSELS (Reuters) - EU competition regulators approved on Tuesday a plan by France, Germany, Italy and Britain to grant 1.75 billion euros ($2 billion) in state aid to a joint research and innovation project in microelectronics.

The European Commission said the public support is expected to attract an additional 6 billion euros from private investors. The project is expected to be completed by 2024.

Microelectronics are small electronic components commonly known as chips and sensors and are found in almost all electronic devices.

($1 = 0.8783 euros)

Reporting by Foo Yun Chee

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