Israel is set to receive $38 billion over 10 years in what will be biggest US military assistance ever given to any country. The pact is expected to be signed within days according to Reuters.
To reach the deal, Israeli Prime Minister Benjamin Netanyahu had to agree not to seek additional funds from Congress beyond what’s included in the package, in addition to phasing out a special arrangement that has allowed Israel to spend part the aid it receives from the US on its own defense industry instead of on American-made weapons.
The current pact, which expires in 2018, allocates $3.1 billion annually. Netanyahu had initially negotiated for $4.5 billion a year, but the two parties settled on $3.8 billion.
The new package will incorporate money for Israeli missile defense for the first time, which until now has been funded ad hoc by the Congress.
The deal has been inked to avoid uncertainty, as Obama is set to leave office in January.