On Wednesday, US State Department Under Secretary for Political Affairs Thomas Shannon and the head of Israel’s National Security Council, Yaakov Nagel, signed the agreement, which consists of $33 billion in foreign military financing and $5 billion in missile defense.
"I want to thank President Obama and his administration for this historic agreement," Netanyahu said, adding that the deal will help Israel "continue building our armed forces, improve our missile defense systems."
The new US-Israel MOU on security assistance will be effective for fiscal years 2019 through 2028, according to the US State Department.
The current agreement, which expires at the end of 2018, totaled $3 billion annually before additional US Congress allocations. Netanyahu had sought a deal totaling $45 billion over ten years.