US to sign arms deal with Israel
The United States is to hike its defence aid package to Israel for the coming ten years to $ 30 billion, compared to $ 24 billion for the last decade, media report said.
By PTI |
JERUSALEM: The United States is to hike its defence aid package to Israel for the coming ten years to $ 30 billion, compared to $ 24 billion for the last decade, media report said.
The two countries are to sign on a new Memorandum of Understanding on the US defence package for the Jewish state on Thursday, Ha'aretz Online reported.
Israel is slated to receive the first pay out of $ 2.550 billion in October 2008, with the package growing by $ 150 million each year reaching a grant of $ 3.1 billion in 2011, the report said.
The agreement also permits Israel to convert into Shekels (local currency) 26.3 per cent of the aid money, thereby enabling it to procure defence equipments from Israeli companies. The rest of the aid must be used to purchase equipments from the US military industries.
Israeli negotiators are said to have tried to step up the percentage of aid that could be used for procurement from local companies without success.
Prime Minister Ehud Olmert yesterday met with visiting US Under Secretary of State for Political Affairs Nicholas Burns in preparation for today's signing.
Olmert asked Burns to thank US President George W Bush and Secretary of State Condoleezza Rice for their efforts in transforming the understandings with him, reached during his last visit to Washington, into a binding agreement.
The two countries are to sign on a new Memorandum of Understanding on the US defence package for the Jewish state on Thursday, Ha'aretz Online reported.
Israel is slated to receive the first pay out of $ 2.550 billion in October 2008, with the package growing by $ 150 million each year reaching a grant of $ 3.1 billion in 2011, the report said.
The agreement also permits Israel to convert into Shekels (local currency) 26.3 per cent of the aid money, thereby enabling it to procure defence equipments from Israeli companies. The rest of the aid must be used to purchase equipments from the US military industries.
Israeli negotiators are said to have tried to step up the percentage of aid that could be used for procurement from local companies without success.
Prime Minister Ehud Olmert yesterday met with visiting US Under Secretary of State for Political Affairs Nicholas Burns in preparation for today's signing.
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Olmert asked Burns to thank US President George W Bush and Secretary of State Condoleezza Rice for their efforts in transforming the understandings with him, reached during his last visit to Washington, into a binding agreement.
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