Intel will receive a $3.2 billion grant from the Israeli government in exchange for investing $25 billion in the country for chip development.
The $3.2 billion grant announcement came as Intel said it was bumping up investment in its Kiryat Gat facility located in southern Israel by $15 billion. Back in 2019, the company said it would invest $10 billion in the facility. With Intel now hiking the investment to $25 billion, the $3.2 billion government grant would make up 12.8 percent of the total investment. The multi-billion dollar grant will not be given to Intel in one go. Instead, it will be transferred over several years, with the company obligated to meet certain milestones.
