Israel’s defence ministry said it has earmarked $530 million to accelerate development of the laser air defence system known as “Iron Beam”, AFP reports.

“The Ministry of Defence has signed a major deal worth approximately 2 billion shekels to significantly expand procurement of the laser interception systems, ‘Iron Beam,’,” a statement said.

The system is aimed at improving the interception of drones and other projectiles, which Hezbollah in Lebanon has fired at Israel since the start of the onslaught in Gaza in support of its Palestinian ally Hamas.

Iron Beam would supplement other aerial defence capacities such as the more well-known Iron Dome. These have been unable to intercept every projectile launched by the Lebanese armed group, resulting in both civilian and military casualties.

The defence ministry will work with defence companies Rafael and Elbit, the statement said.