The United States and Israel have reached an agreement on a new $38 billion 10-year “memorandum of understanding” (MOU), the U.S. State Department  announced on Tuesday.

“This memorandum of understanding constitutes the single largest pledge of bilateral military assistance in U.S. history,” the State Department said in a statement.

U.S. National Security Adviser Susan Rice and Jacob Nagel, acting head of Israel’s National Security Council, will sign the pact in the Treaty Room at the State Department on Wednesday.