European Parliament approves 1.7 billion USD defense investment program

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(VOVWORLD) - The European Parliament approved a 1.7 billion USD scheme to fund defense investment in the EU and support Ukraine until 2027. 

The European Defence Industrial Programme (EDIP) aims to strengthen Europe’s defense and standardize production. It’s part of efforts to rearm Europe amid security concerns awakened by the Russia-Ukraine conflict.  

Under the program, at least 65% by cost of the components of a defence product must originate in the EU or a partner country.

The Parliament's approval is the last step in the legislative process before the EU's 27 member states give the program their endorsement.

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