Turkish President Recep Tayyip Erdogan signed a compensation deal with Israel Wednesday in an attempt to mend fences between the two countries, Anadolu Agency reports.

In line with the deal, Israel would pay $20 million compensation to the families of the victims of a 2010 Israeli raid on the Mavi Marmara, a Gaza-bound aid ship.

The sum will be transferred in a one-time deposit to a bank account opened by Turkey and shared through diplomatic channels, and the transaction will be completed within 25 business days after the bilateral agreement comes into force.

Diplomatic ties between Turkey and Israel were disrupted in May 2010 when 10 Turkish activists were killed on the Mavi Marmara, which was headed for Gaza to deliver humanitarian aid.

After the transfer, distribution and delivery of the sum will be handled by Turkey, with Israel playing no role.

The agreement will come into force when both sides notify each other through diplomatic channels that the internal legal procedures have been fulfilled.

In addition to the compensation, Israel has agreed to Turkey’s humanitarian presence in the Gaza Strip.