$700 million is a really cheap semiconductor plant - I wonder what node size that fab was? Maybe they got an estimate on how much a competitve semi plant really costs - and its in the tens of billions of US$.
The govt has schemes which will refund up to 50% of the investment. Unfortunately the way these schemes are implemented, unless you have the money upfront, you can’t even start.
In short, it’s a reimbursement after some months/years, not a grant or investment.