The Investment Promotion Center approved a government grant for the establishment of Intel's new 'fab 28' chip-making plant in Kiryat Gat. Should Intel decide to build the facility in Israel at an investment of $3.5 billion, the government will cover 15 percent, or $525 million of the project. If the investment reaches $4.4b., Intel will receive a grant of 12.5% of the total investment, an amount of $550m. While Prime Minister Ariel Sharon told his cabinet in July that he was informed by Intel that Kiryat Gat would be the site for the new factory, the company never confirmed it and has yet to make a decision regarding the plant. The company has said it is considering a number of options for the project. Intel has, however, set aside 270 dunams (67.5 acres) of land next to its existing Kiryat Gat plant, "fab 18," as the prospective site for the plant. It has also put in place water and electricity infrastructures and obtained the necessary permits for the project. The Center's approval for the grant was made on the recommendation of the Industrial Development Bank of Israel (IDB) based on the net value of the project to the economy. The new Intel factory would contribute a net amount of $450m. to the economy, according to the IDB, and will create 2,400 permanent jobs and 2,000 contracted positions at the company. Intel currently has 5,400 employees in Israel.