EU Boosts Defense Industry with Ammo Production Plan for Ukraine

The European Union has announced a new initiative to speed up arms manufacturing over the next 12 months, with the aim of expanding existing production, modernising production, and creating new production lines and factories. The plan would allow EU businesses to benefit from up to €500m worth of subsidies from the bloc's shared budget, with all projects co-financed by member states. The initiative is the third and final pillar in a plan agreed among EU member states in March, each worth around €1bn, to further arm Ukraine.