The countries of the European Union have preliminarily approved the initiative to create a defense fund called SAFE (Security Assistance for Europe) in the amount of EUR 150 billion (USD 168.3 billion). This was reported by Reuters with reference to a diplomatic source, writes UNN.
Details
According to a European diplomat, the plan envisages joint borrowing to finance defense projects in EU member states, as well as in partner states, including Ukraine. The fund should strengthen Europe's defense capabilities and support the development of its arms industry.
Addition
The European Defence Fund (EDF) is the EU's main instrument for supporting cooperation in defence research and development. Its budget amounts to EUR 7.3 billion for 2021-2027. The fund promotes cooperation between companies of all sizes and research institutions across the EU and Norway. Countries outside the EU, such as Ukraine, will be able to join the fund.
In addition, the EDF contributes to the transformation and expansion of the EU's defence ecosystem, which is based on the EU Defence Innovation Scheme (EUDIS).