EU moves closer to agreement on the creation of a new defense fund - Media.

Member countries of the European Union are approaching a deal to establish a new defense fund of 1.5 billion euros. This agreement will strengthen the defense industry of the bloc's countries and Ukraine over the next three years.

The signing of the European Defense Investment Program (EDIP) is scheduled for the end of the year. This program will allow the purchase of military equipment that contains 35% components from outside the EU.

The agreement to establish the EDIP was reached with the aim of developing the European defense industry in the future and for the immediate procurement of ready-made equipment to assist Ukraine in meeting its defense needs.

One of the reasons for this decision was the negative statements of U.S. President Donald Trump regarding low European defense spending and insufficient purchases of American products.

At the same Time, the European Union is actively defining flagship 'projects of common interest' that may receive funding from the European Defense Industry Program (EDIP) in the areas of air and missile defense.

Moreover, the EU aims to replace the procurement of ready-made equipment from third countries with more joint investments and acquisitions.

The goal of the European Defense Investment Program is to increase joint arms acquisitions and prepare the EU for war by increasing domestic production of weapons and ammunition.