In what is largely being deemed as a significant achievement for both countries, Israel and the US signed a new memorandum of Understanding that will see a $38 billion military aid package used by Israel to strengthen the security of both countries.

In a historic deal, the US and Israel signed a $38 billion memorandum of understanding.

This package is a slight increase over the last memorandum of understanding for $30 billion.

It will allow Israel to replace its fleet of fighter jets, increase its missile defense and obtain other defense capabilities needed to defend itself against hostile enemies.

Watch as this historic pact is signed and sealed.