Israel, Germany sign $3.4B submarine purchase deal

Israel has agreed with Germany to develop and purchase three advanced submarines, the first of which will be delivered within nine years.

According a statement issued by the Israeli government on Thursday, a deal of €3 billion ($3.4 billion) was signed with the German company ThyssenKrupp Marine Systems.

A parallel industrial strategic cooperation agreement amounting to €850 million ($963.52 million) was signed as well.

The Israeli government postponed recently a vote on forming a Knesset commission of inquiry to investigate the agreement over corruption allegations.