European Commission to Allocate €1.5 Billion for Modernization of Ukraine's Defense Industry

The European Commission has adopted a €1.5 billion military investment program aimed at supplying arms to Ukraine and developing the defense industries of Europe and Ukraine, TASS reports, citing a statement from the EC.

"The European Commission has adopted a €1.5 billion work program within the framework of the European Military-Industrial Program for the development and modernization of the European and Ukrainian military industries," the statement said.

€700 million of this amount is planned for the purchase of counter-drone systems, missiles, and ammunition to support Ukraine. An additional €260 million will be allocated "for the development and modernization" of Ukraine's defense industry.

Start of the program implementation is scheduled for March 31.