German Chancellor Olaf Scholz said on Tuesday that Intel is committed to its plan to build plants in eastern Germany despite the U.S. chipmaker's announcement that it is delaying construction by two years amid cost-saving measures.

The news could be a blessing in disguise for Germany’s liberal finance minister, Christian Lindner, who has spent months trying to plug a €12-billion hole in his federal budget. [ Intel prepares for surge in applications for lucrative exit packages at Irish operation ]

Intel CEO Pat Gelsinger announced on Monday that the US-based semiconductor giant is halting the construction of its chip manufacturing plant in Magdeburg, eastern Germany, for approximately two years.