The European Commission has presented a draft regulation that will establish a fund supporting joint purchases by EU member states of the most needed defense equipment. It is to amount to EUR 500 million.
The instrument, which is the implementation of the task assigned to the Commission by the European Council, aims to meet the most urgent and essential needs in the field of defense products resulting from aggression. Russia to Ukraine. the European Commission proposes to allocate EUR 500 million for this purpose from the EU budget for 2022-2024. The instrument will encourage Member States, in a spirit of solidarity, to jointly procure and will facilitate access for all Member States to urgently needed defense products.
The Fund will support the activities of consortia consisting of at least three Member States. Eligible actions may include new defense procurement projects or the extension of those launched after the outbreak of the war.
“Historic Milestone in Building a Defense Union”
– Member States have taken bold steps by communicating to Ukraine defense equipment urgently needed. In the same spirit of solidarity, the Union will help them replenish these stocks by encouraging joint procurement, enabling the European defense industry to better respond to these urgent needs. The draft regulation (…) is a historic milestone in creating the European Union’s Defense Union, increasing the security of European Union citizens and making the European Union a stronger partner for our allies, said Commission Vice-President Margrethe Vestager.
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