The fund will begin operating in 2005.
The US Congress is expected to approve $50 million for a joint US-Israel fund to develop counter-terrorism ventures. The fund will begin operating in 2005.
Israel Ambassador to the US Daniel Ayalon said the fund would be similar to the Israel-United States Binational Industrial Research and Development Foundation (BIRD-F). A committee of experts from both countries will review project proposals. Each party will budget $5 million a year for five years. The US funding will come from the Department for Homeland Security budget.
The Department for Homeland Security and Israel's Ministries of Public Security and Finance, and the Israel Embassy in the US are involved in the negotiations for establishing the fund.
Department for Homeland Security Under Secretary for Border and Transportation Security Asa Hutchinson said yesterday that Washington viewed Israel as more than just a loyal friend, but as an experienced partner in the war on terrorism, and that the US would expand its cooperation with Israel in this field.
Published by Globes [online] - www.globes.co.il - on May 10, 2004