Israeli Prime Minister Benjamin Netanyahu announced that Israel will invest $25 billion into a new chip factory in Israel, and noted the endeavor will be the nation’s biggest international investment ever.

It is expected the new production line, which will be set up in the Israeli city of Kiryat Gat, will open in 2027, and operate at least through 2035. The Finance Ministry noted it will provide jobs for thousands of people, and under the deal Intel will pay a 7.5% tax rate, instead of the current 5%.

According to data from the chip-maker, Intel has become the biggest privately held employer and exporter in Israel over its almost fifty years of operations in the nation. In the course of that it has become the local electronics and information sector leader.

Intel purchased Mobileye Global, an Israeli-based firm which is focused on developing and deploying advanced driver assistance systems,. paying $15 billion in 2017. Intel took Mobileye public last year.

Netanyahu called the deal cut for the facility in Kiryat Gat, “a tremendous achievement for the Israeli economy – 90 billion shekels – the largest investment ever by an international company in Israel.”

In a statement, Intel had said its Israeli operations “played a crucial role” in the company’s success globally.

The company added, “Our intention to expand manufacturing capacity in Israel is driven by our commitment to meeting future manufacturing needs. And we appreciate the continued support of the Israeli government.”