EU Ministers Greenlight Groundbreaking Arms Fund
(MENAFN) On Tuesday, ministers from European Union member states gave the green light to establishing a groundbreaking 150 billion euro (approximately USD170.22 billion) arms fund, marking the EU’s first major collective defense investment initiative, the Council of the EU announced in a statement.
This fund will operate through the newly created Security Action for Europe tool, which provides member countries with competitively priced, long-term loans. These loans support joint investments in defense manufacturing, particularly focusing on prioritized capabilities, the Council explained.
Introduced by the European Commission in March, this fund is a key component of its ReArm Europe Plan/Readiness 2030 strategy. The initiative targets mobilizing more than 800 billion euro (around USD904 billion) in defense expenditure to strengthen Europe’s security framework and promote collaborative defense efforts. (1 euro = 1.13 U.S. dollars)
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
