Israel is willing to provide $525 million funding for the new Intel plant

According to foreign news reported on November 14th, the Israeli government has agreed to provide $525 million economic aid for Intel, help the company to set up a new Fab in southern israel. Currently, Intel has a local wafer factory.

In July, Israeli Prime Minister Ariel Sharon revealed that the government backed Intel to set up second Fabs in the country, but did not disclose the specific amount Intel could receive.

Earlier, the Israeli government has agreed to provide $400 million funding for Intel, equivalent to a total investment of $4 billion, but there is news that Intel wants more.

Israel's Ministry of industry, the Ministry of trade and the Ministry of labor said that $525 million in funding is equivalent to a total investment of $4 billion 200 million Intel new plant of $12.5%. Intel is expected to hire 2400 employees for the new plant, but also to create an indirect job of, Intel is currently the total number of employees in the local 3000.

The Israeli government has agreed to provide funding, because the Industrial Development Bank of the survey found that Intel's investment is very valuable.