The Treasury Department announced on Oct. 25 that U.S. Treasury Secretary Tim Geithner and Israeli Finance Ministry Director General Doron Cohen signed a Memorandum of Understanding (MOU) that grants Israel four additional years to use the remaining $3.8 billion from a $9 billion loan guarantee issued in 2003.

At the signing, which took place on the sidelines of the U.S.-Israel Joint Economic Development Group (JEDG) forum, Treasury Secretary Tim Geithner explained that "Israel is a vital partner and ally of the United States. The continued availability of this loan guarantee will allow Israel to continue to enjoy access to capital markets at affordable rates in the years to come."

Israeli Finance Ministry Director General Doron Cohen expressed Israel’s appreciation for the longstanding extraordinary support of the United States and the hope that the JEDG will continue to enhance the relationship between the two countries.