Intel Corporation today announced the extension of the project's plant in Kiryat Gat, and Israel's finance minister has confirmed the state's increased participation to 40 billion shekels.
Moshe Kahlon tweeted that this unprecedented move would create thousands of new jobs in Israel. The grant will be extended for all project years.
The decision to expand the flea plant was taken about two years ago. During all this time, negotiations were made on the state's participation in this project.
In general, Intel, which places its production in different countries of the world, requires a 10 to 15% share of the investments, this number being 8% in Israel.
The company does not give details about the duration of the works, but it is assumed that the construction takes about 5 years.
The new plant will be built on an area of 300 hectares. The number of workers is expected to increase by 2,000 in 12 years. In addition to the Kiryat Gat plant, Intel has development centers in Haifa, Petah Tikva and Jerusalem.
The exporting company of Israel in 2018 was 4 billion dollars.