Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BRUSSELS, May 27 (Xinhua) — European Union (EU) ministers on Tuesday approved a 150 billion euro (about 170.23 billion U.S. dollars) defence fund, the first major defence investment programme at the EU level, the EU Council said in a press release.
The fund’s resources will be channelled through a new instrument called “Safeguard Measures for Europe”, which offers EU member states long-term loans at competitive rates for investments in the defence industry through joint procurement, the document says.
The European Commission, the EU’s executive arm, proposed the fund in March as a key part of the Retooling Europe/Readiness 2030 plan, which aims to raise more than €800 billion in defence spending to strengthen European security and defence cooperation. –0–