Israel is discussing plans to modernize its defense system with the U.S. and a possible extension of U.S. military funds after the current financing agreement ends in 2018, Bloomberg reported Friday.
Gopal Ratnam and Tony Capaccio write Israel wants to acquire new weapons and equipment through the $3.1 billion in annual military aid it receives from the U.S.
The move comes in light of concerns about Iran’s nuclear program and Syria’s possible use of biological and chemical weapons, according to the report.
Bloomberg reports a new arms deal would depend on how many V-22 and F-16 aircraft Israel wants as well as changes in weapons and configuration for the fleets.
Negotiations between the two countries could finish within two months, Ratnam and Capaccio report.
The U.S. Defense Department has allocated $220 million in fiscal year funds to purchase additional batteries for Israel’s Iron Dome missile defense system, according to Bloomberg.