EU commits $1 billion to boost defense industry and aid Ukraine.

The European Union has pledged €1 billion ($1.1 billion) to refresh its arms factories to better supply Ukraine, with €500 million committed to beefing up the bloc’s ammunition production lines and member states matching the sum with individual contributions. The funds will be used to build new factories producing ammunition and missiles, upgrade existing ones, encourage cross-border partnerships, improve access to raw materials, test and recondition old ammunition stocks, and train new staff. The investment is part of a package of measures agreed on in March to support Ukraine in its fight against the Russian invasion.