United States has signed a 38 billion dollars Memorandum of Understanding (MoU) with Israel to provide the country with military assistance over a 10-year period. The MoU will be valid from 2019 through 2028.
This defence deal is the largest such agreement the US has ever had with any country.
Under the terms of MoU
Israel will receive 3.8 billion dollars annually from US, up from the 3.1 billion dollars US currently gives Israel annually under a 10-year deal that ends in 2018.
US will also provide 500 million dollars for developing missile defence systems.
Provided, Israel will not approach US Congress for additional budgets for missile defence systems.
In the event of an emergency, Israel can request additional budgets for missile defence systems, but only if the US agrees to it.
Once the agreement comes into effect, there will be a gradual phasing out of Israel’s right to use 26% of US’s aid to buy equipment from Israel defence industries.
Besides, Israel will immediately stop using 14% of the US’s aid to buy fuel for the Israel Defence Forces.
Current Affairs 15th August, 2016 Current Affairs Round Up Bullet Points, August, 2016 Current Affairs Round Up Bullet Points, July, 2016
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