EU launches new defence fund amid growing security concerns

With a looming Brexit and US pressure to boost defence spending, the EU has created a fund to bolster defence co-operation in the bloc. EU officials said it marks a new chapter in bringing member states closer together.

The European Commission on Wednesday launched a new defence fund aimed at helping EU member states to jointly develop and acquire better military capabilities.

The EU will provide 500 million euro ($560 million) in 2019 and 2020 for defence development and acquisition. That figure is expected to double to a billion euro by 2020.

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