The 27 Member States of the European Union (EU) gave initial approval to a fund for the defense EUR 150 billion ($ 169 billion), which will distribute money to countries wishing to invest in security capabilities, such as ammunition, unmanned aircraft and protection of critical infrastructure, according to Bloomberg sources.
The EU Fund for Defense is expected to receive official approval next week. The program was proposed by the European Commission, the EU executive arm, in March in response to President Donald Trump’s retreat in Europe.
The Fund is added to new rules that allow Member States fiscal flexibility for defense costs that could mobilize A total of 800 billion euros.
The Commission will raise € 150 billion in the capital markets and disburse the money as loans to the Member States at the request for the funding of specific missing products than Epirus, according to one of the people. These include rocket, inland capabilities and anti -missile defense systems.
Some countries other than the EU are eligible to participate in the program, provided that these costs do not exceed 35% of the costs, the same sources say. The United Kingdom and the EU ended up in a defensive partnership Today, the block (EU) has pledged to explore ways to allow London access to the program.
The new loan will be similar to what was created during the Koronevas Pandemic to support Member States’ short -term work programs and similar measures.
Commission President Ursula von der Laien currently described as “once in the generation” and said earlier that the EU is facing defense investment needs of about € 500 billion in the next decade.