Israel's finance minister confirmed Intel is strengthening its manufacturing capacity in the country via a 40 billion shekels ($10.9 billion) investment in a new chip plant. This is on top of an earlier announcement from 2018, about an 18 billion shekels ($5 billion) investment to upgrade an existing factory in Kiryat Gat, Israel between 2018 and 2020.
Intel is planning to build its new factory at Kiryat Gat, the Globes news website reported earlier on Monday.
The agreement with Israel could include an exemption from the tender obligation with the government, and Intel is already preparing physical infrastructure to build the plant in Kiryat Gat, the report added.
Intel said it will submit a business plan to the Government of Israel for continued investment in the company’s Kiryat Gat manufacturing site.
The chipmaker said it will not disclose any details, including the schedule, costs and technologies of the new project in Israel.