Germany plans to finance part of the cost of four new corvette warships for the Zionist navy made by German firm Thyssen Krupp under a deal struck with the Jewish entity in November.

Germany plans to finance part of the cost of four new corvette warships for the Zionist navy made by German firm Thyssen Krupp under a deal struck with the Jewish entity in November, the government said on Monday.

Following approval by German parliament's budget committee the contract could be finalized before the end of this year, government spokesman Steffen Seibert said.

As part of its atonement for the Nazi Holocaust, Germany is committed to the Zionist security and has often helped pay for the cost of military equipment such as submarines.

The mass-circulation Bild am Sonntag newspaper reported on Sunday that Berlin had earmarked up to 115 million euros for the warships -- which would cost around 1 billion euros in total.

Seibert declined comment on the size of the German contribution.