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Israel approves Intel's $6 billion investment in chip plant

Reuters

TEL AVIV (Reuters) - Israel's finance and economy ministries on Monday approved a plan by Intel Corp (INTC.O) to invest $6 billion in the upgrade of its chip manufacturing plant in the southern town of Kiryat Gat.

Intel will receive a government grant of $300 million over five years and will be eligible to pay a corporate tax rate of only 5 percent for a 10-year period, the finance ministry said.

The U.S. chip giant plans to hire close to 1,000 more workers at the plant by 2023, in addition to the 2,500 that already work there.

(Reporting by Tova Cohen)