The European Commission, the EU’s executive body, proposed the fund in March as fears grew among European leaders that they could not be sure that U.S. President Donald Trump’s administration would defend them from attack.
The EU initiative, known as Security Action for Europe (SAFE), seeks to break down national barriers by financing joint projects between EU countries and has a strong “buy European” element as it aims to boost the continent’s defence industry.
However, companies from countries that have signed a Security and Defence Partnership with the EU can also be eligible, if they meet further conditions.
The Commission used a fast-track procedure to launch the legislation, bypassing the European Parliament and only requiring the approval of all EU’s 27 member countries.
Antonio Costa, the president of the European Council of EU leaders, welcomed Wednesday’s agreement as “an important step toward a stronger Europe”.
“It delivers on the commitments made by EU leaders in March, helping member states invest jointly in European defence and strengthening our shared security,“ he said in a social media post.
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