US transfers $429m for Iron Dome

The funds are for procurement of the short-range missile interceptor systems.

A few days after Prime Minister Benjamin Netanyahu's visit to Washington and his meeting with President Barack Obama and other top US officials, the US has approved a $429 million immediate transfer for further production and procurement of Iron Dome short-range missile interceptor systems.

In a statement, the US Missile Defense Agency said, "The United States and the State of Israel concluded an agreement on March 5 to continue support of the production of the Iron Dome weapon system."

The Missile Defense Agency added, "The Iron Dome system is capable of intercepting and destroying short-range rockets, and mortar and artillery shells, and is an invaluable component of the Israeli missile defense. During Operation Pillar of Defense in 2012, Iron Dome was credited with saving countless Israeli lives, and was called a "game-changer" by many Israeli policy-makers. Yesterday's agreement ensures continued US funding for procurement of Iron Dome systems and interceptors, and provides for significant co-production opportunities for US industry. Under the terms of the agreement, $429 million will be transferred immediately to Israel to support Iron Dome procurement.

"The agreement represents strategic value for both nations. Israel will obtain valuable resources to contribute to its defense and US industry will receive meaningful co-production opportunities for Iron Dome components."

Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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