Israel’s defense ministry said on Monday it has earmarked $530 million to accelerate development of the laser air defense system known as “Iron Beam.”“The Ministry of Defense has signed a major deal worth approximately 2 billion shekels to significantly expand procurement of the laser interception systems, ‘Iron Beam,’” a statement said.For the latest updates on the Israel-Palestine conflict, visit our dedicated page.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 war in Gaza in support of its Palestinian ally Hamas.Iron Beam would supplement other aerial defense 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 defense ministry will work with defense companies Rafael and Elbit, the statement said.It quoted ministry director general Eyal