The European Commission proposed 500 million euros ($511 million) fund on Tuesday to help member states restock their arsenal amid the Russian invasion.
EU Internal Market Commissioner Thierry Breton said “this is urgently needed, national stocks have been run down.”
The commissioner said the fund aims to incentivise joint procurement among EU countries over the next two years while paving the way for long-term common defence spending in the European Union.
EU member states vowed to step up defence investment after Russia attacked Ukraine in a major shift of European defence policy following years of budget cuts and hesitation to cooperate closer.
The commission wants to prevent the increased defence spending breaking down in industries along national lines and head off EU countries competing against each other.
“To access funding for a defence project, at least three EU member states must take part.
“The investment should develop the European defence industry and the procurement must be for “critical defence products,” a statement from the commission said.
The 27 EU member states and the European Parliament are now set to scrutinise the proposal for the 500 million euros fund.
dpa
