MAJURO, (Marshall Islands): Pacific leaders have hailed the signing of a new economic and security deal with the United States, after a five-month delay that had raised questions about Washington’s influence in the region.

US President Joe Biden signed the Compact of Free Association agreements with the leaders of Pacific nations Palau, the Marshall Islands and the Federated States of Micronesia in Washington over the weekend.

Secretary of State Anthony Blinken said the United States was looking “forward to working” with its Pacific partners “over the next two decades”.

The 20-year deal provides the three Pacific nations with a total of $7.1 billion in funding, Blinken added. It was approved by the US Senate as part of a spending package worth $460 billion.

The compact agreement gives the Pacific nations security and budget guarantees. In return, Washington gains influence and the right to locate military facilities across a swathe of the central Pacific.

Marshall Islands President Hilda Heine said the agreement “represents a very big step in our mutual and enduring efforts to strengthen and improve the Compact.”

The deal includes $700 million for the Marshalls over the next four years as part of a trust fund agreement, she added.

Special funds to counter climate change and additional money for health care are included.

Micronesia President Wesley Simina described the signing as “an important milestone” which “opens a new chapter in our enduring partnership with the United States”.

Simina said Micronesia will receive funding for education, health care, environmental projects and improved infrastructure.

The office of Palau President Surangel Whipps Jr said it was “wonderful news”. The legislation includes $889 million for Palau, officials said in a statement