September 23, 2014 | The Ministry of the Economy and the Ministry of Finance have approved a plan to award Intel with a $300 million grant over a period of five years. Intel, an American multinational corporation headquartered in California, is set to make investments of nearly NIS 22 billion (approx. $6 billion) in expanding the company’s Kiryat Gat plant in the coming years. In addition to the grant, the government will allow Intel to benefit from a reduced Companies Tax rate of five percent for ten years. In return, the company has committed to extensive reciprocal procurement in Israel in the next few years that is set to amount to nearly NIS 2 billion (approx. $546 million). Minister of the Economy Naftali Bennett told Globes, “We approved the biggest investment in the country’s history.” The expanded Intel plant in Kiryat Gat will employ 1,000 individuals directly, and nearly 2,500 individuals indirectly.