EU Ministers Approve 150 Billion Euro Arms Fund Amid Security Concerns

European Union ministers have sanctioned a 150 billion euro arms fund to fortify the continent against potential threats. The Security Action for Europe (SAFE) scheme will provide loans for joint defense projects, reflecting uncertainties about U.S. security commitments and apprehensions of future Russian aggression.

In a significant move, European Union ministers have ratified the establishment of a 150 billion euro arms fund. The decision comes amid escalating security concerns over potential Russian aggression and uncertainties surrounding U.S. commitments to European defense.

This marks the last legal step for the Security Action for Europe (SAFE) scheme. The initiative is supported by joint borrowing by the EU and is set to allocate loans to member countries for collaborative defense projects, aiming to bolster European military capabilities.

The move underscores the EU's strategic shift towards greater self-reliance in defense, as the continent seeks to address regional and geopolitical instabilities.

(With inputs from agencies.)