EU member states and the European Parliament agreed on Friday to a €500 million ($544 million) support package for the European defense industry to provide artillery and missiles for Ukraine and to restock.
The Council of the European Union, the EU institution representing member states, announced in a statement that it had reached a "provisional agreement" on the Act in Support of Ammunition Production (ASAP) with European Parliament negotiators.
The law "will urgently mobilize €500 million from the EU budget (in current prices) to support the ramp-up of the manufacturing capacities for the production of ground-to-ground and artillery ammunition as well as missiles," the statement explained.
The bill, proposed by the European Commission in April, will help EU countries restock their arsenals and continue military support for Ukraine.
The law creates a financial instrument to allocate grants for the defense industry to boost production capacity and improve supply and value chains.
In the wake of the EU facing criticism for slow decision-making in this urgent situation, the European Parliament's plenary session and EU capitals are expected to formally okay the deal.
