Israel has asked the United States for assistance estimated at $700 million in addition to the $2.1 billion per year paid to the Israeli military, in order to produce more Iron Dome, Magic Wand anti-missile batteries.
The deal would provide Israel with near-complete missile defense until 2015, military sources told Ynet on Wednesday.
According to Ynet news, The Iron Dome is designed to intercept rockets fired from a relatively short range. The system was developed by Israel's Rafael Advanced Defense Systems Ltd to counter rocket fire from Lebanon and Palestinian resistance homemade projectiles in the Gaza Strip.
It should be noted that of the approximately 120 homemade projectiles and mortars fired at Israel from Gaza Strip, 90 entered Israel's airspace, Israeli officials said. The Iron Dome system intercepted 20-35 before they could land, military expert told Press TV.
However, the Magic Wand system designed to intercept missiles fired from a range of at least 70km, including cruise missiles and missiles with ballistic warheads such as the Squd, Shihab and Sejil.
The U.S. Congress approved $205 million in funding for the project in fiscal year 2011, which ended on Sept. 30, and the Obama administration plans to ask for additional funding this year, Reuters news reported.
For his part, Pentagon spokesman George Little said supporting Israel's security was a top priority of Obama and Defense Secretary Leon Panetta.
The United States and Israel are preparing for a massive “Austere Challenge” exercise this summer involving thousands of soldiers from both countries, Pentagon spokesman added
In early March, Israeli Prime Ministerasked the United States for advanced "bunker-buster" bombs and refueling planes that could improve its ability to attack Iran's underground nuclear sites.
According to report published by the Congressional Research Service, Israel has received more more than $115 billion dollars in financial aid. More than $67 billion dollars of the Washington's aid to Israel has been in military.
The U.S also allow the Israeli army to use their emergency reserve ammunition stored in Israel. The value of the weapons held in the U.S. emergency supplies is 1.2 billion dollars.