White House Announces Almost $20 Bn In Loans, Grants To Boost Intel Chip Production

Washington, (UrduPoint / Pakistan Point News - 20th Mar, 2024) The White House unveiled almost $20 billion in new grants and loans Wednesday to support Intel's US chip-making facilities, marking the Biden administration's largest funding announcement yet as it tackles China's dominance of the crucial technology.

President Joe Biden's decision to make the announcement during a trip to Arizona underscores his strategy of highlighting legislative achievements in key battleground states ahead of November's presidential rematch against Donald Trump.

The southwestern state was one of the tightest races of 2020, with Biden winning by just 10,457 votes.

Winning it in 2024 could prove crucial for Biden, who faces a tough reelection fight as he seeks to convince voters still skeptical about his economic record, despite strong recent growth and job creation data, persistently low unemployment, and slowing inflation.

"The Department of Commerce has reached a preliminary agreement with Intel to provide up to $8.5 billion in direct funding along with $11 billion in loans under the CHIPS and Science Act," the White House said in a statement.

The money "will support the construction and expansion of Intel facilities in Arizona, Ohio, New Mexico, and Oregon, creating nearly 30,000 jobs and supporting tens of thousands of indirect jobs," it added.