The European Parliament has approved a €1.5 billion ($1.7 billion) initiative to fund defense investments within the EU and support Ukraine, as stated in a Tuesday announcement.
This initiative, known as the European Defence Industrial Programme (EDIP), is part of a wider effort to enhance Europe’s defense capabilities in response to security concerns following Russia’s invasion of Ukraine in 2022.
The program mandates that at least 65% of the costs for defense product components must be sourced from the EU or its partner countries. European Parliament President Roberta Metsola emphasized that EDIP aims to bolster the EU’s defense industry, improve joint procurement and manufacturing processes, and enhance support for Ukraine.
There were prolonged negotiations among EU member states over eligibility criteria, with France advocating for stricter ‘buy European’ policies to promote local industry, while countries like the Netherlands favored more leniency in sourcing arms from the U.S., U.K., and other nations.
The recent approval by the Parliament marks the final legislative step before formal endorsement by the EU’s 27 member states, which is anticipated to be a mere formality.
With information from Reuters
