The European Union has announced its 27 nations will set up the first ever fund to support the bloc’s defense research and development programs and enhance efficiency and innovation in the military sphere.
The 7.95 billion euro ($9.67 billion) European Defence Fund (EDF) is being established for the 2021-2027 period, and around a third of the money will be used on research projects. The rest of the funds will be allocated to develop defense technologies, according to a statement by the European Council.
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