BRUSSELS (Reuters) -The European Commission said on Tuesday that it had approved a 5 billion euro ($5.5 billion) German state aid measure to support a new microchip manufacturing plant in Dresden for the European Semiconductor Manufacturing Company (ESMC).
German Economy Minister Robert Habeck praised the decision and said his government would maintain the fast pace of the project and finalise the funding approval quickly.
ESMC is a joint venture between Taiwan Semiconductor Manufacturing Company, Bosch, Infineon and NXP.
($1 = 0.9025 euros)
(Reporting by Sudip Kar-Gupta in Brussels and Andrey Sychev in Gdansk; Editing by Kirsten Donovan and Rachel More)
