Intel Confirms $3.2 Billion Incentive Package from Israel for a $25 Billion Chip Facility - CWEB

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Home Business Intel Confirms $3.2 Billion Incentive Package from Israel for a $25 Billion Chip Facility

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Intel Confirms $3.2 Billion Incentive Package from Israel for a $25 Billion Chip Facility

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December 27, 2023

Intel Confirms $3.2 Billion Incentive Package from Israel for a $25 Billion Chip Facility

Intel (NASDAQ:INTC) completed negotiations with Israel, securing an incentive package for the expansion of its wafer fabrication facility in Kiryat Gat. The package corresponds to 12.8% of Intel’s proposed $25 billion investment in the site.
Additionally, Intel committed to spending 60 billion shekels (approximately $16.55 billion) with Israeli suppliers over the coming decade. This move reinforces Intel’s dedication to strengthening its operations in Kiryat Gat, a commitment previously hinted at but now formally confirmed through this agreement.
Intel highlighted that this investment is a crucial component of its strategy to enhance the resilience of the global supply chain. This initiative complements the company’s ongoing and planned manufacturing investments in both Europe and the United States, according to Intel’s statement.