After discussing a chip facility, Berlin and Intel will sign an agreement

The conclusion of negotiations for a new chip manufacturing facility on German territory will take place at 12:45 GMT on Monday, according to the German government.

Berlin’s signing will be attended by Intel CEO Pat Gelsinger and Chancellor Olaf Scholz, according to a statement from the chancellery.

The amount of public support the corporation is expected to get for the project in the city of Magdeburg in central Germany has not yet been verified by the German government.

The U.S. corporation would receive 9.9 billion euros ($10.84 billion), up from a previously guaranteed figure of 6.8 billion euros, the Handelsblatt business newspaper said last week.

The Scholz administration is putting billions of dollars into incentives to entice IT firms to Germany. This occurs at a time when concern over the brittleness of the supply chain and the dependency on South Korea and Taiwan for chips is rising.

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