Intel to get US$3.2 billion government grant for new US$25 billion Israel chip plant

26.12.2023

 

On December 26, the Israeli government approved a $3.2 billion grant for Intel Corp’s upcoming $25 billion semiconductor plant in southern Israel. This decision comes amid ongoing tensions between Israel and the Palestinian militant group Hamas following the October 7 attack.

Intel’s expansion project in Kiryat Gat is deemed crucial for enhancing the global supply chain resilience, aligning with the company’s investments in Europe and the United States. The grant, constituting 12.8% of the total investment, is accompanied by Intel’s commitment to purchasing $16.6 billion worth of goods and services from Israeli suppliers over the next decade. The new facility is anticipated to generate several thousand jobs.

Intel, which already operates four sites in Israel and employs nearly 12,000 people in the country, had previously been tight-lipped about confirming the investment. However, construction work for the expansion is underway, with a scheduled opening of the new plant in 2027, set to operate until 2035.

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