The United States will increase its military assistance to Israel and sign a new agreement securing American aid to the country for the next decade, President George W. Bush announced Tuesday following his meeting with Prime Minister Ehud Olmert. (...) Israel asked for a gradual increase in the aid over a 10-year period at the tune of $50 million per year. At the end of the 10 years, Israel will receive $2.9 billion annually in military assistance from the U.S. Olmert told the president that an announcement on the increase in aid would be an expression of American support for Israel against the growing threats to its existence in the region.

[Source: Haaretz]