EU approves $8.7 billion of state aid for tech innovation projects

The European Commission has approved 8.1 billion euros ($8.7 billion) of state aid for microelectronics and communication technology projects as part of the European Union’s drive to be at the cutting edge of technological innovation.

The EU executive said on Thursday that 14 member countries could provide the aid to 68 projects involving companies including Airbus, ASML and Ericsson .

The projects have been collectively designated an Important Project of Common European Interest (IPCEI), qualifying them for easier EU state aid rules. They follow an earlier batch of IPCEI projects in the same sector approved in 2018.