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Intel to get 700 mln shekel grant for Israel expansion

Reuters

JERUSALEM, Dec 25 () - Israel will give Intel Corp a 700 million shekel ($185 million) grant in return for a planned $5 billion expansion of its production operations in Israel.

Intel is one of the biggest employers and exporters in Israel, where many of its new technologies are developed. Earlier this year it submitted plans to upgrade its Kiryat Gat manufacturing plant in southern Israel.

The Finance Committee in Israel's parliament has now approved a 700 million shekel grant for the company, a statement from the committee said.

Intel may decide to expand its Israeli operations even further in 2019, according to Israel's economy minister.

"Intel will make, in my estimation, another significant investment in the coming year," Economy Minister Eli Cohen said last week at a business conference in Jerusalem.

($1 = 3.7756 shekels)


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