Israel's Defence Ministry said on Tuesday it had signed deals worth around $275 million with the country's largest domestic private arms maker Elbit to make heavy bombs and raw materials needed for defence,

Israel's Defense Ministry has signed two major agreements with Elbit Systems (NASDAQ:ESLT) to supply the Israeli Air Force with thousands of heavy air munitions. The deals, which are estimated to be worth NIS 1B ($276M),

Israel has warned on Sunday that its ceasefire agreement with Hezbollah could collapse if the Iran-backed group does not withdraw beyond the Litani River, one of the key stipulations of the truce.

With the deadline looming for the terms of a fragile cease-fire between Israel and Hezbollah to be met, an American diplomat on Monday said “much progress” had been made recently.

A senior Israeli leader has warned that the country’s ceasefire with Hezbollah could collapse if the U.S.-designated terrorist group does not abide by the conditions of the deal. Defense Minister Israel Katz said that Israel is “interested” in the complete implementation of the deal,