The Council of the European Union agreed on 12 December to increase funding for the European Peace Facility (EPF) by 2 billion euros, the website of the European Council reported.
The EU ministers decided to increase the financial spending limit by 2 billion euros in 2023 with the possibility of further increase. By 2027, the limit will be up to 5.5 billion euros.
“Today’s decision will ensure that we have the funding to continue delivering concrete military support to our partners’ armed forces. In less than two years, the European Peace Facility has proven its worth. It has completely changed the way we support our partners on defence,” the head of European diplomacy Josep Borrell said.
The final decision to increase the fund will be made in early 2023.
The European Peace Facility is an intergovernmental fund established by EU Member States to finance peacekeeping operations. Ukraine has received a total of EUR 3.1 billion from the fund.
As of November, the budget of the EPF was 85-86% spent and planned.