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Report: Intel earmarks $5B for Israel plant expansion

Intel Corp. plans to spend $5 billion for the expansion of its Kiryat Gat plant in Israel, the country's economy minister said, according to Reuters.

Israeli Economy Minister Eli Cohen said the plant expansion is expected to begin in 2018 and be completed in 2020.

The tech giant is likely to obtain a state grant of up to 10% of its $5 billion investment, according to the report, with the exact amount still to be decided based on the company's final plans, a ministry spokeswoman said.

In 2014, Intel invested $6 billion to upgrade the Kiryat Gat plant and received a state grant worth 5% of that amount. The company was also then given a lower corporate tax rate of 5% for 10 years.