European Union governments have reached an agreement on EU defense investment of EUR 1.5 billion (USD 1.73 billion), which is "modest" for the defense sector, Reuters reported on Thursday, June 19.
EU member states have been arguing for more than a year over the European Defence Industrial Programme (EDIP) to rearm and strengthen defense capabilities. All this is happening because of the russian threat after a full-scale invasion of Ukraine, the publication noted.
"EU officials said the 1.5 billion euro budget for the programme is modest for the defence sector but the criteria were fiercely fought over as it may receive larger funding in future," the material says.
Under the agreement, at least 65% of the funds must be spent on components and equipment from the EU or certain associated countries. Ambassadors of the 27 EU countries are expected to approve the agreement on June 22, after which it will be discussed in the European Parliament before it enters into force.
"We fully support the goal of enhancing European security and resilience through increased defence cooperation and investment," the EU countries said in a joint statement.
As the Ukrainian News agency earlier reported, on June 5, the North Atlantic Treaty Organization (NATO) decided on the largest rearmament program since the Cold War.
On June 14, French President Emmanuel Macron said that his country was ready to start discussions with its European allies on the issue of deploying French nuclear weapons on their territory.
In December 2024, European Union Commissioner for Defense and Space Andrius Kubilius called for EUR 100 billion in defense spending to prepare for possible russian aggression.
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