It was agreed to increase the total financial ceiling of the European Peace Fund by two billion euros.
The Council of the EU reached a political agreement to increase the European Peace Fund (EPF), through which member states are paid for arms supplies to Ukraine. This was announced on October 12 by the press service of the department.
In particular, a decision was made to increase the general financial ceiling by 2 billion euros (at 2018 prices) in 2023, with the possibility of further increases at a later stage.
Thus, the total increase in the EPF financial ceiling until 2027 will reach 5.5 billion euros (at 2018 prices).
“Today’s decision will provide us with funding to continue providing concrete military support to the armed forces of our partners. In less than two years, the European Peace Fund has proven its value. It has completely changed the way supporting our defense partners. This makes the EU and its partners stronger.” – stressed the head of European diplomacy, Josep Borrell.
The agreement will be formalized in early 2023. It is emphasized that it sends a clear political signal of the EU’s continued commitment to military support for both Ukraine and other partners.
The European Peace Fund was established in March 2021 to finance all common foreign and security policy actions related to military and defense matters. It allows the EU to fund activities aimed at strengthening the capacity of countries outside the union, as well as regional and international organizations.
Through the EPF, the EU supports the Armed Forces of Ukraine through six consecutive support packages, as well as many other countries such as: Mozambique, Georgia, Moldova, Mali, Somalia, Niger, Bosnia and Herzegovina, Lebanon and Mauritania.
The amount of funding is earmarked for 86% of the total financial ceiling for 2021-2027, which requires the first increase.
It was previously reported that the Council of the European Union agreed to a legislative package that allows Ukraine to provide 18 billion euros in aid by 2023.
The UN estimates aid in 2023 at a record amount
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.