The Organization for Economic Cooperation and Development has agreed to allow Israel to become a member by 2010, a local media report said.

A report in Ynetnews.com Thursday, said the agreement was secured in a meeting between Israeli Finance Minister Yuval Steinitz and OECD Secretary-General Angel Gurria, in Paris last week.

The report said the OECD is expected to release a full financial review of the Israeli market in November, an important step towards granting Israel full membership.

Israel has reportedly sought membership in the prestigious organization for 20 years, but was turned down because of political and economic reasons, the Web site said.

Describing the OECD as "a club of developed, democratic and liberal countries, whose representatives meet and work to coordinate their policies in the economic, social, environment and financial fields," the site said the organization never offered Israel any explanation for rejecting its membership.