Intel Scores 700 Million Shekel Grant for Kiryat Gat Expansion

YERUSHALAYIM -
The Intel logo seen outside the company’s compound in Yerushalayim. (Yonatan Sindel/Flash90/File Photo)

The Knesset Finance Committee approved on Tuesday a 700-million shekel ($185.5 million) grant to the tech giant Intel for expansion of its Kiryat Gat production plant in southern Israel.

The grant serves as an incentive for a planned $5 billion investment by Intel in the facility, which the company announced in May, according to Globes. The company also undertook to hire 250 workers and use local vendors and retailers for some of its operations.

The Fab 28 plant manufactures chips for servers, workstations, mobile computers, and desktops, according to the Israeli business publication Calcalist.

Intel is Israel’s largest private employer and biggest exporter, with Intel Israel exporting $3.6 billion worth of goods in 2017.