The Council of the European Union has adopted an agreement to invest €150 billion in defence, such as air missile defence, drones and strategic capabilities, the EU’s website reported.
Under the “Readiness 2030” plan, the European Commission is expected to raise up to €150 billion on capital markets and provide financial leverage to EU member states to increase investment in key defence areas.
“Extraordinary times call for extraordinary measures. I welcome today’s agreement on the Instrument for Security Action in Europe, our defence industry readiness lending instrument, as a key step forward,” said European Commission President Ursula von der Leyen.
She added that Europe must now take greater responsibility for its own security and defence.
Von der Leyen stressed that the adopted agreement allows for investment “in state-of-the-art capabilities for our Union, for Ukraine and for the entire continent” and strengthens Europe’s defence technological and industrial base.
The funds will be raised on capital markets and disbursed to interested member states upon request, based on their investment plans for the European defense industry, the statement said.
