Obama and Netanyahu
$38bn US-Israel military aid package to be signed Wednesday
Months of diplomatic efforts and negotiations have borne unprecedented fruits as the US prepares to put its signature to the largest ever military aid agreement in its history.
After months of uncertainty, discussions, disagreements and strenuous diplomatic efforts, a massive US military aid package to Israel is set to be signed in Washington on Wednesday at a ceremony which will take place at 2pm ET.
In keeping with US Ambassador to Israel Dan Shapiro’s promises earlier this week, the deal is slated to be the largest ever delivered by the US to any country ever.
Prime Minister Netanyahu and President Obama (Photo: AFP)
National Security Council Acting Chairman Yaakov Nagal, arrived Tuesday morning to Washington to sign a Memorandum of Understanding (MOU) which will complete the military aid package from the US to Israel that will be valid until 2029.
According to the prospective agreement, which will go into effect upon the expiration of the current package in 2018, the US will provide Israel with a financial package which will amount to $38 billion over the course of the next decade along with missile defense systems. Under the terms of the agreement, Israel will also be prohibited from making additional budgetary requests from Congress.
The current military aid package, which will expire in 2018, provided Israel with an annual sum of $3.1 billion. Prime Minister Netanyahu requested a significant increase of $4.5 billion per year on account of his unsuccessful bid to stymie the US-Iran nuclear agreement. However, the two sides eventually reached a middle ground, resulting in an annual financial sum of $3.8 billion.
The new package will include provisions, for the first time, for missile defense projects which, hitherto, have been drawn from funds directly from Congress. Indeed, over the last few years, American legislators transferred up to $600 million for missile defense purposes.
