EU international locations Monday agreed to extend the utmost measurement of a fund used to finance army help for Ukraine by 3.5 billion euros ($3.8 billion), elevating its ceiling to over 12 billion euros.
EU sources final week mentioned the bloc’s high diplomat Josep Borrell had requested governments to boost the monetary ceiling on the European Peace Facility (EPF), which has already allotted some 4.6 billion euros in army help for Ukraine.
“Today’s decision will again ensure that we have the funding to continue delivering concrete military support to our partners’ armed forces,” Borrell mentioned in an announcement.
“The facility has proven its worth. It has completely changed the way we support our partners on defense. It makes the EU and its partners stronger,” he mentioned.
The EPF, established in 2021, was conceived for the EU to assist growing international locations purchase army tools. But the 27-member union rapidly determined to make use of it to get weapons to Ukraine after Russia’s invasion in February final yr.
The fund is separate from the EU’s finances, which can not finance army operations.
It permits EU international locations that offer weapons and ammunition to Ukraine to say again a portion of the price. EU international locations contribute to the fund in response to the dimensions of their economies.
Source: www.dailysabah.com
