European Union member states are close to an agreement on a new €1.5 billion defense fund to help strengthen industry in the bloc and actively support the frontline in Ukraine over the next three years, according to information gathered by Bloomberg.
An agreement on the European Defense Investment Program is likely by the end of the year, and is expected to consist of a split allocation of funds to support the Union's domestic sector (local production) and the purchase of finished weapons and ammunition abroad. The agreement on the 35% (outside the Union) - 65% (inside the Union) split is expected to be the result of balancing the ambition to strengthen the European defense industry in the long term with the ability to purchase finished equipment immediately to help Ukraine with its current defense needs.
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