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WASHINGTON (Reuters) - President Barack Obama said on Wednesday that a new $38 billion (28.71 billion pounds) aid package will help ensure Israel can defend itself from threats, commenting in a statement on the 10-year memorandum of understanding (MOU) between the two nations.

“Both Prime Minister (Benjamin) Netanyahu and I are confident that the new MOU will make a significant contribution to Israel’s security in what remains a dangerous neighbourhood,” Obama said.