Technology

Israel provides $3.2 billion to Intel Corporation to build its proposed $25 billion chips factory.

Story Highlights
  • Israel’s deal with Intel is a big show of support by a major US company and a generous offer by the Israeli government
  • the grant that amounts to 12.8 percent of the total investment, the chipmaker also committed to buying 60 billion shekels
  • Intel operates four development and production sites in Israel, including a manufacturing plant in Kiryat Gat
  • The plant produces Intel 7 technology, or 10-nanometer chips, and employs nearly 12,000 people in the country

Chipmaker Intel Corporation added that it will purchase $16.6 billion amount of products and services form Israeli vendors within over the next ten years.

The Israeli government agreed to provide Intel Corp a $3.2 billion subsidy on the proposed $25 billion chips facility its wants to set up in southern the State of Israel, confirmed both sources.

The announcement made on Tuesday came while Israel keeps on carrying out a brutal a bombardment over the Strip of Gaza, that murdered roughly twenty-one thousand Palestinians from the seventh of October & has prompted worldwide calls for a boycott of Israel & business sectors which benefit form its control of Palestinian territory.

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