Treasury cancels Intel grant
The Israeli Ministry of Finance has cancelled a NIS 1.3 billion grant previously promised to Intel for the expansion of its Kiryat Gat chip foundry. The decision follows Intel's suspension of construction due to cash flow issues and regional instability.
Intel Corporation constantly boasts about its chip foundry in Kiryat Gat, the only one in the world that produces chips using 10 nanometer technology, known as "Intel 7" technology, and says that the Israeli factory leads global AI processes of the company’s production sites around the world. The person responsible for the construction of the factory and for the replication of several of its processes to Intel’s global production network, Daniel Benatar, holds a senior position as general manager of Intel Worldwide Technology Front End Semiconductor Manufacturing.
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