Intel's Multi-Billion Dollar Upgrade to Kiryat Gat Plant

The Intel Corporation has announced a multi-billion dollar upgrade to its plant in Kiryat Gat.

The investment plan, worth approximately $5-6 billion, includes a deal between the company and the state that includes a government grant to the firm of some NIS 750 million ($216,706,500).

The grant comes in return for a commitment to invest five percent of the funds into the Israeli economy, according to an announcement by an Intel statement.

“This investment plan is the result of the process we’ve been working on for several years,” commented Prime Minister Binyamin Netanyahu.

“Israel is the focus of global technology and the investment generates profits, both for investors and for the citizens of the State of Israel. I call on other international companies to increase their investment in Israel, and those who have not yet taken advantage of the benefits offered by the Israeli economy to come and invest here,” he said.

Economics Minister Naftali Bennett, chairman of the Bayit Yehudi party, called the announcement “the best gift we could ask for, for Israel’s 66th Independence Day.”