The EU Council increased the Peace Fund by €2 billion. It also allocates money for military aid to Ukraine

The Council of the European Union decided to increase the financial ceiling of the European Peace Fund by €2 billion to €7.979 billion by 2027 to cover additional needs.

The EU Council announced this on March 14.

From this fund, money is allocated for military aid to Ukraine and to support EU partners in other parts of Europe, Africa and the Middle East, as new needs constantly arise.

The Council of the EU also decided to set a financial reference amount for the total costs of EU military exercises — €5 million.

What is this fund?

The European Peace Fund was created in March 2021 to finance all common foreign and security policy actions related to military and defense issues. In particular, this EU fund is intended to finance the strengthening of the potential of non-EU countries.

Through this fund, the EU supports the Armed Forces of Ukraine through seven successive support packages, as well as many other countries such as Mozambique, Georgia, Moldova, Mali, Somalia, Niger, Jordan, Bosnia and Herzegovina, Lebanon and Mauritania.