The United States Congress approved, on Friday, the transfer of $600 million in aid to Israel, this aid is to be used to fund joint security projects between Israel and the U.S, Israeli online daily Haaretz reported.

$133 million of the aid will be used to develop the “Arrow” missile program, a collaborative project between Israel Aircraft Industries and Boeing.
Also, some $10 million will be invested in developing a missile capable of intercepting short-range missiles.
Israel carried out a successful test of its Arrow anti-missile system earlier this month, Israeli Defense Ministry officials said that the development of this system comes in response to “the increasing threat of ballistic missiles in the region”.
Israel tested the missile after a Russian newspaper reported that that Iran has signed a deal to buy Russian tactical surface-to-air missile systems.
One day after the report, Israeli Prime Minister, Ariel Sharon, warned of the dangers of Iran’s nuclear projects.