EU approves €76 million German state aid for cutting edge semiconductor facility

June 23 (Reuters) - The European Commission approved on Tuesday €76 million ($87 million) of German state aid for QuantumDiamonds GmbH, which is planning to set up a cutting-edge semiconductor testing facility in Munich.

• The Commission said QuantumDiamonds had agreed to work with small-and-medium-sized enterprises and with universities and research institutions.

• The approval comes after the Commission proposed new laws this month to boost cloud, AI and semiconductor industries, aiming to cut Europe's reliance on U.S. Big Tech.

($1 = 0.8765 euros)

(Reporting by Sudip Kar-Gupta.Editing by Mark Potter)