Europe Unites in Defense: Parliament Greenlights €1.5 Billion Scheme

The European Parliament has approved a €1.5 billion scheme to fund defense investments and support Ukraine. The European Defence Industrial Programme (EDIP) aims to enhance EU defense capabilities. The scheme, which lasts until 2027, requires at least 65% of defense components to originate from the EU or partner countries.

The European Parliament has given the go-ahead for a €1.5 billion scheme designed to finance defense investments and provide support to Ukraine. This marks the latest effort in Europe's strategy to bolster its defense capabilities amid ongoing security concerns following Russia's 2022 invasion of Ukraine.

The scheme, known as the European Defence Industrial Programme (EDIP), will run until 2027. A key condition for securing funding is that a minimum of 65% of defense product components must originate within the EU or designated partner countries.

European Parliament President Roberta Metsola highlighted that the EDIP will strengthen the EU's defense industry, promoting joint procurement and manufacturing. This is the final legislative approval before endorsement by the EU's 27 member states, which is anticipated to proceed smoothly.

(With inputs from agencies.)