European Commissioner for Internal Market and Defense Thierry Breton plans to allocate 3 billion euros ($3.3 billion) for a new program to increase production of defense equipment, UNN reports citing Reuters.
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The move underscores the growing role of the 27-nation bloc in defense and military affairs caused by the war in Ukraine, the newspaper notes.
The European Commission has already allocated 1.5 billion euros, but wants to double that amount, Breton told reporters on Thursday, according to his public relations adviser.
We will propose in the next phase to do the same as we have done not only with ammunition, but also with all the equipment that we need to produce to increase production in Europe
"We will make it public at the end of February," he said.
According to the agenda, on February 27, the EU executive body is to announce the European Defense Industrial Strategy and the new European Defense Investment Program (EDIP).
The previous EDIP, established in 2022, allows EU countries to come together to jointly procure defense capabilities developed in the bloc.
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Breton, who earlier this week touched on the idea of a €100 billion European Defense Fund (EDF), said it would depend on the next European Commission, which is due to be appointed later this year.
"EDF is for the next mandate. I do not intend to offer 100 billion euros for the next months. This is in the context of the next mandate," he said.
Also earlier this week , Breton insisted that the bloc could still meet its goal of producing 1 million artillery shells, which could then be sent to Ukraine.