Intel, one of the most powerful names in the processor world, continues its efforts for a major investment. The company has been trying to invest in Israel for a while. The Israeli state is preparing to provide significant support to the technology company for this investment.
Israel will give $3.2 billion grant to Intel company
Intel has gone a long way to build its new $25 billion chip facility in northern Israel. The cooperation became official with the joint statement made today. Accordingly, Israel will give a grant of $3.2 billion to Intel for the facility worth $25 billion.
The investment is also called a plan to expand the Kiryat Gat facility, 42 km away from Gaza. This investment was first announced last June. Intel and Israel plan for the factory to open in 2027 and operate until at least 2035. In addition to the grant, Intel will pay a tax rate increased from 5 percent to 7.5 percent.
During Pat Gelsinger’s tenure as CEO, Intel made investments on three continents to get ahead of its competitors. However, this investment in Israel stands out as the company’s largest investment. Currently, 11 thousand 700 people work in the facility.