The Biden administration has finalized a government subsidy of six-point-six billion U.S. dollars for Taiwan Semiconductor Manufacturing Company's(TSMC) chip production units in Phoenix, Arizona.

In a statement on Friday, the White House said the award is "among the most critical milestones yet" in the implementation of the CHIPS and Science Act.

The announcement comes just weeks before President-elect Donald Trump, who has criticized the program, is set to take office.

The chips program will also provide up to five billion dollars in low-cost loans to TSMC Arizona.

Under the CHIPS Act, which was signed into law in 2022, Washington will provide 52 billion dollars to fund companies building computer chip factories and research facilities in the U.S.

The Taiwanese chip giant TSMC earlier agreed to inject 65 billion dollars to build three factories in Arizona by 2030, while receiving U.S. subsidy of six-point-six billion dollars.

Washington is also expected to finalize similar contracts with South Korea's Samsung Electronics and SK Hynix before the end of Biden's presidency in January, for subsidies of six-point-four billion and 450 million dollars, respectively.