EU Council, European Parliament agree to increase production of missiles and ammunition

The Council’s press service reported the information.

"Thanks to today’s record time agreement on ASAP the EU will bolster and speed up Europe´s own production of ammunition and missiles. This is yet another proof of the EU’s unwavering commitment to supporting Ukraine, strengthening the EU’s defence technological and industrial base, and ultimately ensuring the long term security and defence of EU citizens," said Spanish Defense Minister Margarita Robles.

In an urgent decision, EUR 500 million will be allocated from the EU budget to enhance the production of missiles, artillery, and surface-to-surface ammunition. Simultaneously, the Council will agree a plan to facilitate a long-term escalation in ammunition production in Europe, benefiting both Ukraine and EU member states.

The agreement must be approved by the EU Council and the European Parliament, and its signing and entry into force is expected by the end of July.

The new rules will facilitate access to financing for EU companies in the ammunition and missiles sector, potentially through the so-called "Ramp-up Fund.” This fund aims to facilitate access to public and private financing for ammunition and missile companies to accelerate investment to increase production capacity.

• On June 1, the European Parliament supported a bill to increase European production of ammunition and missiles to support Ukraine's army.