EU countries agree on big defence fund: diplomat
EU flags flutter in front of European Central Bank (ECB) headquarters in Frankfurt, Germany July 18, 2024. Photo: REUTERS/Jana Rodenbusch/File Photo
EU countries have in principle agreed on the proposals for a 150 billion euro ($168.3 billion) fund aimed at boosting Europe's defence, known as Security Action for Europe (SAFE), an EU diplomat said on Monday.
The plan, proposed by the European Commission in March, will be financed through joint borrowing and give loans to EU members and certain other countries such as Ukraine for projects that bolster their defences and boost Europe's arms industry.
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