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European Union launches Defense Fund with 5.5 billion euro of annual budget
16:32, 7 June 2017
European Union launches Defense Fund with 5.5 billion euro of annual budget

Mogherini says that the new defense initiatives do not aim to replace or duplicate NATO

16:32, 7 June 2017

Open source

European Union establishes the Defense Fund with 5.5 billion euro budget. Such decision was adopted by the European Commission in Brussels on Wednesday, June 7, according to Ukrinform.

"Today the Commission is launching a European Defence Fund to help Member States spend taxpayer money more efficiently, reduce duplications in spending, and get better value for money. The Fund will coordinate, supplement and amplify national investments in defence research, in the development of prototypes and in the acquisition of defence equipment and technology," European Commission announced.

The Fund will be financed from EU budget and financial contributions from its member states.

It is expected that the annual budget of the fund should amount to 5.5 billion euro after 2020. The funds will be directed at realization of projects in defense research sphere, military procurement and development of EU defense forces.

As it was stressed by the High Representative of the European Union for Foreign Affairs and Security Policy, Federica Mogherini, new defense initiatives do not aim to replace or duplicate NATO, but are directed at complementing the activity of organizations in the sphere of defense and security.

Related: European Commissioner Hahn to visit Ukraine on June 1-2

Related: War under the Stars and Stripes: Europeans showed Trump benefit from NATO

Related: Poroshenko spoke with European Council President by phone

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