The government of Chile has decided to purchase 10 U.S.-built jet fighters, dismissing criticism that such a purchase could trigger an arms race in the region.

Minister of Defense Michelle Bachelet Wednesday told reporters in Santiago that Chile will pay about $660 million for the F-16 fighter planes from U.S.-based Lockheed Martin Corporation.

The defense minister said the purchase aims at replacing obsolete equipment and should not be seen as Chile undertaking an arms race.

Officials in neighboring countries have criticized Chile's plans to purchase the planes, fearing it could spark a race by other nations trying to match Chile's arms capabilities.

The F-16 is considered one of the world's most advanced fighter planes. The defense minister said the 10 new planes will replace 19 Chilean (A-37) air force jets that have been grounded plus an additional number of other fighter planes being phased out.

Chile will pay for the planes over nine years with funds from the copper reserve law, which earmarks 10 percent of all state revenues from copper sales to the military.

Some politicians have complained that the money to be spent on the planes should instead be allocated to social programs.

Ms. Bachelet, who was appointed to her post earlier this month, says the copper law forbids the money from being spent on non-military projects. She also said every dollar spent in the operation will be matched by investments from various U.S. companies.

The first such investment, by General Electric, will fund a global technical assistance center for civil and military aviation engines.

Some information for this report provided by AP and AFP.

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