07:28 AM EST, 11/15/2024 (MT Newswires) -- Taiwan Semiconductor Manufacturing's ( TSM ) TSMC Arizona unit has been awarded up to $6.6 billion in direct funding from the US Commerce Department under the CHIPS Incentives Program's Funding Opportunity for Commercial Fabrication Facilities, the department said Friday.

Under the terms, the CHIPS Program Office will also provide up to $5 billion of proposed loans to TSMC Arizona, the department added.

The funds support the semiconductor giant's planned investment of more than $65 billion in three greenfield leading-edge fabs in Phoenix, with the first to open early next year, President Joe Biden said in the statement.

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