The money is for the Raytheon-Rafael David's Sling and for IAI's Arrow 3.
25 December 11 15:56, Yuval Azoulai
When the Arrow 3 becomes operational, it will be capable of intercepting incoming ballistic missiles while they are still in space, which will improve Israel's readiness in the event of an attack by missiles carrying unconventional warheads.
Minister of Defense Ehud Barak said, "The aid from Congress is the next level in the strengthening of defense ties between Israel and the US. The further development of anti-missile programs will help Israel to better prepare for attacks against it, thereby strengthening Israel’s security."
Congress made the decision despite the serious economic situation in the US, and despite pending cuts in the US defense budget. Nonetheless, the US administration is ensuring the continuation of $3 billion in annual military aid to Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on December 25, 2011