Israel and the United States have signed an agreement guaranteeing continued American support for the Iron Dome missile defense system, including an immediate transfer of $429 million.

The March 5 agreement "ensures continued U.S. funding for procurement of Iron Dome systems and interceptors, and provides for significant co-production opportunities for U.S. industry," according to a U.S. Missile Defense Agency press release. The immediate transfer of funding for Iron Dome procurement was also part of the agreement.

"The Iron Dome system is an invaluable component of Israeli missile defense," the press release continued. "During Operation Pillar of Defense in 2012, Iron Dome was credited with saving countless Israeli lives, and was called a 'game-changer' by many Israeli policy-makers."

"The agreement represents strategic value for both nations. Israel will obtain valuable resources to contribute to its defense and U.S. industry will receive meaningful co-production opportunities for Iron Dome components," the press release said.