Shortly after the inauguration of Peña in mid-August, Foreign Minister Eli Cohen announced that Paraguay would move its Israeli embassy back to Jerusalem within the year.
The United States, Papua New Guinea, Kosovo, Guatemala, and Honduras already have embassies in Jerusalem.
Netanyahu said the new embassy would make it easier to develop agriculture, health, water and technology projects.
To date only four countries have embassies in Jerusalem, the United States, Guatemala, Honduras and Kosovo, although a number of other countries have promised to follow suit.
Once the move has gone ahead Hungary will be the first EU nation to have moved its embassy to Israel's capital Jerusalem.
Latin American countries move their embassies to Jerusalem to appeal to voters, for religious reasons, or to score points with the US
Paraguay had previously moved its embassy to Jerusalem from Tel Aviv, only to later move it back. Now, under its new president, Asuncion is set to relocate its Israel embassy again.
In accepting the award, Weah said, “The friendship between Israel and Liberia is not confined to mere words. I am deeply honored to be recognized alongside other world leaders and diplomats..."
In urging Liberia to open an embassy in Jerusalem, Herzog told his guest that if that happens, there will be a dramatic increase in trade and bilateral relations.