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To: Ram Seetharaman who wrote (8700)	10/10/2000 9:30:24 AM
From: DJBEINO	Read Replies (2) \| Respond to of 9582

Israel says agrees to fund 20 pct of Tower plant JERUSALEM, Oct 10 (Reuters) - Israel's Finance Ministry said on Tuesday it has agreed to subsidise 20 percent of a planned $1.5 billion microchip plant by Tower Semiconductor (NasdaqNM:TSEM - news). The plant would be constructed next to Tower's existing facility in the northern Israeli town of Midgal Haemek for a total investment of up to $1.5 billion. The plant is expected to directly create 1,000 new jobs within two years and employ indirectly more than a thousand more people. The state would fund more than $180 million of the cost of the factory through the end of 2002, with the remaining money to be paid in 2003 and 2004, the ministry said in a statement. Tower has raised funds from Alliance Semiconductor (NasdaqNM:ALSC - news), Toshiba Corp and SanDisk (NasdaqNM:SNDK - news) to help finance the construction of the plant.