9/28, 1:59 PM (Source: TeleTrader)
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Israel, Germany sign €4B defense system deal

Israeli Defense Minister Yoav Gallant (pictured left) and German Defense Minister Boris Pistorius (right) signed on Thursday an initial agreement centered on Israel supplying Berlin with the Arrow 3 air defense system.

The entire deal is estimated at €4 billion, representing the biggest defense contract in the history of Israel.

The agreement is considered one of the first steps in the European Sky Shield Initiative (ESSI), a project proposed by Germany that aims to establish an integrated air defense system in Europe.

Baha Breaking News (BBN) / MS