The Committee of Permanent Representatives of EU countries approved the increase of the European Peace Fund by €3.5 billion. The money from this fund, in particular, goes to military aid for Ukraine.
"Today, EU ambassadors approved the allocation of an additional €3.5 billion (in 2018 prices) to the European Peace Fund. This decision confirms the EUʼs commitment to supporting its partners in the field of security and defense," the message of the Swedish Presidency of the Council of the EU noted.
As stated by the head of European diplomacy Josep Borrell the "vast majority" of the member states of the European Union support the proposal to increase the European Peace Fund.
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 designed to finance the strengthening of the capacity 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.