Israel and Greece sign $3.48 billion air defense contract

JERUSALEM — Israel's Ministry of Defense said it has signed a 3.478 billion dollar agreement with Greece to build a multi-layered air defense network using Israeli-made systems. The system, dubbed "Aegis Shield," is designed to counter ballistic missiles, aircraft and unmanned aerial vehicles. The ministry described the deal as the largest defense export contract in Israeli-Greek relations. It said the system is planned to enter service within 35 months from the start of the project. Greek daily Kathimerini reported the total cost at approximately 3.5 billion euros, with Greek defense industry participation exceeding 25 percent, or around 700 million euros. The agreement also aims to deepen defense ties between the two countries and strengthen Athens' ability to counter missiles and drones.