Israeli government subs Intel to tune of $400 million

ISRAELI NEWS WIRE Ynet reports that the finance committee of the the government has given approval to contribute $400 million to Intel.

The money, which isn't a loan, is conditional on Intel building a second fabrication plant (factory) in Kiriat Gat.

The Israeli government has a law that allows it to contribute up to 12.5 per cent for high tech investments, subject to some criteria.

If Israel presses ahead with its plan, the fab is likely to employ as many as 4,400 full time and part time workers, but Intel will only get the money if it plunges its spade into the earth within two years.

Perhaps we should open an office in Israel. We could do with a $100 million or so. µ