JERUSALEM: Intel Corp will build a new factory in Israel worth $25 billion, Prime Minister Benjamin Netanyahu said on Sunday, calling it the largest-ever international investment in the country.

The factory in Kiryat Gat is due to open in 2027 and will employ thousands of people, Israel’s Finance Ministry said, adding that under the deal Intel will pay up a 7.5% tax rate, up from the current 5%.

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There was no immediate comment from Intel in Israel.