(JNS) – Kelly Hancock, the acting Texas comptroller, announced on Thursday that the state will increase its investment in Israel bonds from about $140 million to $280 million, a move he called “the largest one-time investment in Israel bonds in Texas history.”

According to Hancock, the increased investment elevates Texas “from the sixth-largest to the second-largest U.S. state investor in these securities.”

“Texas proudly stands with Israel,” Hancock said. “This expanded investment reinforces our long-standing relationship and shared commitment to faith, freedom and economic opportunity.”

“Texas and Israel have built a partnership that stretches beyond finance, and this step reflects both our solidarity and our belief in what we can accomplish together,” he added.

Texas has included Israel bonds in its investment portfolio since 1994 as part of a “diversified portfolio strategy.” The bonds, issued by the Israeli government, offer fixed interest rates and have a record of meeting principal and interest payments, according to state officials.

The announcement comes as the Texas Economic Development and Tourism Office works to finalize plans for a State of Texas Israel Office in Jerusalem. The office would be the state’s first in the Middle East and its fourth international location.

State leaders said the new office is intended to strengthen trade and business ties between Texas and Israel, with bilateral trade approaching $4 billion annually, according to the state.