2024-03-15 15:51:04
The EU budget provides two billion euros to support European defense Photo: Pixabay
The European Commission has announced that it is providing half a billion euros for the development of European ammunition production. These funds are expected to be used to create the capacity to produce two million projectiles per year from next year.
The announcement notes that two billion euros have been earmarked in the EU budget to support European defense, including through joint public procurement. The commission has evaluated the received proposals for supporting defense production and has selected 31 projects related to the production of explosives, projectiles and missiles. The projects will be financed with 513 million euros from the budgets of the EU and Norway. This financing will attract additional investments up to a total of 1.4 billion euros, the EC explains.
It is added that since the beginning of the year, the EU has the possibility to produce one million 155 mm projectiles per year. Today, the commission is proposing to provide €310 million for joint procurement of munitions, air defense systems, to replace obsolete military equipment and to replenish stocks depleted by aid to Ukraine. The EC reminds that it earmarked 1.1 billion euros for military technological developments, writes BTA.