BRUSSELS (AP) — The European Union says it’s reached an agreement on setting up the 27-nation bloc’s first ever fund to support defense research and development. The European Defense Fund is worth around 7.95 billion euros ($9.67 billion) for the 2021-2027 period. Around a third of the money is to be used on research projects, the rest to develop the defense technologies. Monday’s agreement must still be rubber-stamped by EU member countries and the European Parliament once the bloc’s long-term budget is finalized.
EU clinches deal on first-ever defense fund
