Intel’s $1bn in Israeli growth

Intel will receive grant aid of about $1bn (€875m) from the Israeli government for its latest investment plan to expand its chip manufacturing operations in the country, Israel’s finance minister has said.

Finance minister Moshe Kahlon said that he was informed by the chip giant (which is already one of the biggest employers and exporters in Israel, where many of its new technologies are developed) that it would invest about 40bn shekels (€9.5bn) in a new factory.