Israel, Jordan and Palestine have signed a historic deal aimed at crucial water preservation.

The three governments have agreed to lay a pipeline between the Red Sea and the Dead Sea, which will provide fresh water for the region.

The deal was signed Monday in DC, and is being called the Two Seas Canal. An estimated 100 cubic meters of water will be provided annually from the Red Sea to the Dead Sea, helping to slow the drying up of the latter body of water.

World Bank is financing the program to the tune of $200 to $400 million. The three governments will in turn repay a bridge loan being used for construction.

“This is a historic agreement that realizes a dream of many years and the dream of Herzl,” said Israeli Minister of Energy and Water Silvan Shalom in announcing the agreement to Ynet.

“The agreement is of the highest diplomatic, economic, environmental and strategic importance.”

As part of the project, a desalination plant will also be opened in Aqaba, Jordan, to create fresh water for all three governments.

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