EU will allocate 300 million euros to strengthen the defense industry. Ukraine and the Republic of Moldova will benefit from this money
300 million euros will be allocated to strengthen the defense industry of the European Union until 2025. Both Ukraine and the Republic of Moldova will benefit from this money. MEPs voted on a bill to strengthen the European Union's defense industry through joint public procurement.
The European deputies voted, on Tuesday, in the plenary session, in Strasbourg, for the consolidation of the European defense industry through the Common Law on public procurement.
The project will have a budget of 300 million euros and will help member states meet their most urgent and critical defense needs. The approval of this bill marks a historic milestone in European defence, said Commissioner Virginijus Sinkevičius, one of the rapporteurs.
"For the first time, the EU budget will encourage member states to jointly purchase the most urgent and necessary equipment to strengthen their defense systems. This is a historic step. The initiative has multiple objectives, but first of all we want to respond to the difficulties caused by the war in Ukraine. Europe must restore its collective defense potential," said Virginijus Sinkevičius.
The regulation, already agreed with the European Council in June, establishes a short-term instrument to strengthen the European defense industry through joint public procurement until 31 December 2025.
