The Joe Biden administration has finalized a direct funding of up to four-point-745 billion U.S. dollars to Samsung Electronics to support the company's chip production in Texas.

The U.S. Department of Commerce announced on Friday that the award will be provided under the CHIPS Incentives Program following a preliminary deal signed in April and the completion of its due diligence.

The funding will support Sa­­­msung's investment of over 37 billion dollars to turn its presence in Texas into a "comprehensive ecosystem for the development and production of leading-edge chips in the U.S."

Secretary of Commerce Gina Raimondo said through the investment in Samsung, "the U.S. is now officially the only country on the planet that is home to all five leading-edge semiconductor manufacturers."

The department said Samsung's CHIPS investment would support the creation of some 12-thousand construction jobs and more than three-thousand-500 manufacturing jobs within the next five years, while stimulating regional commercial growth.

Biden's office has been pushing to complete the pledged funding payment of 39 billion dollars before the end of its term in January. It also announced on Thursday that it will provide up to 458 million dollars in direct funding to SK Hynix for its investment in Indiana.