Intel and the German government signed a deal Monday that will see the U.S. company spend more than $32.8 billion to build a chip manufacturing site in the eastern city of Magdeburg, after Germany pledged to cover a third of the investment required.

Word of the agreement came as German Chancellor Olaf Scholz met Intel CEO Pat Gelsinger in Berlin.

Intel acquired the land for two semiconductor facilities in Magdeburg in November. It says the first one is expected to start production in four or five years.

“The investment in Germany means a significant expansion of Intel’s production capacity in Europe and is the biggest investment ever made by a foreign company in Germany,” Economy Minister Robert Habeck, who is also the country’s vice chancellor, said in a statement.

Multinational companies including Amazon, Marriott, Hilton are pledging to hire more than 13,000 Ukrainian women and other refugees in Europe over the next three years.

Just ahead of World Refugee Day on Tuesday, more than 40 corporations said Monday that they will hire, connect to work or train a total 250,000 refugees, with 13,680 of them getting jobs directly in those companies.

The U.N. says 110 million people have been displaced worldwide, with estimated 12 million from Ukraine in the largest movement of refugees in Europe since World War II. The hiring push in Europe has been organized by the Tent Partnership for Refugees, a nonprofit founded by the CEO of Chobani.

“Every number is a story of an individual family who left everything, seeking safety, seeking protection and wanting to be able to rebuild as quickly as possible,” said Kelly Clements, U.N. deputy high commissioner for refugees.