EU anticipated to reach a consensus regarding the Chips Act on April 18.

Social Media Plug-ins:

(Reuters) – EU countries and lawmakers are likely to clinch a deal on a multi-billion euro plan to boost the bloc’s semiconductor industry on April 18, sources with direct knowledge of the matter said on Wednesday.

The European Commission announced the Chips Act last year in a bid to cut EU reliance on U.S. and Asian semiconductors following global supply chain problems that hurt European businesses from carmakers to manufacturers.

The countries and lawmakers will meet at the European Parliament’s monthly session in Strasbourg on April 18 to negotiate details of funding for the act, the people said.

Discussions have to date focused on a 400-million-euro ($438 million) shortfall, but the EU executive has managed to come up with the bulk of the funds, they said.

While the Commission had originally proposed funding only cutting-edge chip plants, EU governments and lawmakers have expanded the scope to cover the whole value chain, including older chips and research and design facilities, the people said.