The Israeli Defense Ministry announced the signing of a contract with German ship makers TKMS to purchase four patrol corvettes type vessels.

The contract was signed by Israeli and German officials at the Defense Ministry in Tel Aviv, and totals 430 million Euros – a third of which will be funded by a special German government grant of 115 million Euros, The JPost reported on Monday.

The owner of the TKMS shipyard, the TK Consortium, is committed to a reciprocal purchase of 700 million shekels worth of products from the Israeli defense market, the Defense Ministry added.