The European Council and the European Parliament have reached a preliminary agreement on a new defense investment plan
The European Council announced that the European Council and the European Parliament have reached a preliminary agreement on the European Defense Industrial Investment Plan (EDIP), which is planned to invest 1.5 billion euros between 2025 and 2027.
In a press release, the European Council stated: "The President of the European Council has reached a preliminary agreement with representatives of the European Parliament on the European Defense Industrial Investment Plan (EDIP). This plan is a dedicated defense financing initiative that will provide a total of 1.5 billion euros in funding between 2025 and 2027."
The press release said that the plan aims to strengthen EU preparedness, support cooperation in the defense industry with Ukraine, and promote Ukraine's integration into the EU's military-industrial technology base. In addition, this new plan will establish mechanisms for the first time to ensure the security of military supplies within the EU.
The press release pointed out that 300 million euros will be allocated to support Ukraine under the European Defense Industrial Investment Plan (EDIP).
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