Sunday, June 23, 2024
HomeEconomyEU to Ramp up Ammunition Production To Support Ukraine

EU to Ramp up Ammunition Production To Support Ukraine

The European Commission on Wednesday adopted a proposal to ramp up ammunition production to support Ukraine, and address a shortage among European Union (EU) member states.

One billion euros has been allocated to the Act in Support of Ammunition Production (ASAP), European Commission President Ursula von der Leyen has said.

Half of the funding will come from the EU budget, while the other half will come from leveraged additional financing.

ASAP is part of a three-track plan to help support Ukraine while making sure the European Union’s ammunition stocks are not depleted, the Commission said.

The Act “will strengthen the responsiveness and ability of the Union defense industry to ensure the timely supply of ammunition and missiles in Europe,” it added.

ASAP includes an instrument that will help avoid bottlenecks and shortages, and a temporary framework to ensure security of supply.

Financial support under the proposal includes grants to support the European defense industry in increasing its production capacity.

A “Ramp-Up Fund” may also be created to assist the ammunition and missile supply chains in gaining access to both public and private financing.

In order to identify, monitor and anticipate bottlenecks and shortages, the European Commission and the EU member states will conduct a mapping exercise to constantly monitor the availability of ammunition, missiles, and their components.

The ASAP proposal must now be adopted by the Council of the European Union and the European Parliament before it can be implemented. It would then apply until mid-2025. 

Continue to the category


- Advertisment -

Most Popular