Israeli Prime Minister Benjamin Netanyahu on Tuesday announced the establishment of a new award to be given to Jews worldwide for exceptional achievements in the Arts and Sciences.

The goal of the prize is to "emphasize the contribution of the Jews to world history and draw the younger generation of Jews around the world closer to the State of Israel and their Jewish identity," according to the Prime Minister's Office (PMO).

The million U.S. dollar prize, financed by the Genesis Jewish Philanthropy Group, will be distributed at an annual ceremony in the spring.

"The prize symbolizes Jews' great contribution in human development and will be a source of pride for young Jews around the world," Netanyahu said.

"The Jewish people has developed excellence over the years due thanks to its values and heritage," the prime minister said.

The prize selection committee will be chaired by the Jewish Agency Chairman, Natan Sharansky. It will also include retired judges and diaspora Jewish community leaders, as well as PMO and Genesis representatives.

"Only by being completely aware of their link to the values of the Jewish heritage, can modern Jews fully realize their creative potential," said Sharansky.

Genesis founder Mikhail Fridman added that "Far-reaching achievements in science, arts, business, medicine, diplomacy and other fields of human endeavor, have been realized thanks to the Jewish people's natural aspiration to improve the world. This tradition must go on."