Spain To Infuse $12.4B In Developing Chips, Semiconductors - iShares MSCI Spain ETF (ARCA:EWP)

Spain looked to invest €11 billion ($12.4 billion) to develop microchips and semiconductors, Bloomberg reports.
Prime Minister Pedro Sanchez wanted Spain to be at the vanguard of industrial and technological progress.
Sanchez admitted that the Russia - Ukraine war had disrupted the supply of argon and neon, which are crucial to manufacturing semiconductors.
Also Read: EU Pledges Over $150B To Double World Chip Market Share By 2030
The new spending plan, mainly financed through European Union pandemic relief funds, will be approved 'soon,' he said, Reuters reports.
Europe's policymakers raced to invest in chips and cut reliance on imported technology.
The commission also freed up public funding for chips production with its €45 billion Chips Act.
Germany looked to grant Intel Corp (NASDAQ:INTC) €5 billion to help fund a €17-billion semiconductor plant.
Price Action: INTC shares traded higher by 0.19% at $48.20 in the premarket on the last check Monday.

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