Israeli Prime Minister Benjamin Netanyahu proposed an advanced air-defense system in a cabinet meeting on Sunday that would counter the Iranian threat, reported Israel radio Kan.

After the strikes against Saudi oil facilities last month allegedly carried out by Iran, the defense system would focus on protecting against such cruise-missile attacks at a cost of billions of shekels.

Funding for the project would have to come from the existing defense ministry budget, cuts from other areas or an increase in taxes.

The more than 20 cruise missiles and drones that hit two Saudi Aramco oil facilities in September were launched from southern Iran, a senior U.S. official told CBS News at the time.

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