The Israeli cabinet approved on Sunday a 1.3 billion shekel (about $360 million) development initiative for the communities in the country's south, near the Gaza border, which were hit hard in the recent bloody conflict between Israel and Hamas.

"This is the largest investment that Israel has ever made in this area," Israeli Prime Minister Benjamin Netanyahu said in a statement. He added that an additional 417 million shekels (about 115 million dollars) were already earmarked for security enhancements in the region during the latest Gaza war.

This five-year plan focuses on economic and communal development. It will provide financial incentives and assistance to businesses, with an emphasis on the agricultural sector, which is the main economical anchor for communities in this area. The benefits include research and development grants, and a preferential procurement policy for products from the region in tenders by government offices.

The plan promises a "significant investment" in public infrastructures in order to boost the standard of living in these communities.

The new initiative comes after the residents and heads of regional councils harshly criticized the political leadership, saying they feel "abandoned" by their own government, who hasn't provided for their security.

Gaza militants launched about 2,300 mortar attacks on the southern communities during Israel's "Operation Protective Edge," a seven-week long military campaign against the Gaza Strip which was concluded on Aug. 26. Factories in the region lost 625 million shekels (about 172 million dollars) due to the fighting.