EU Fee provides 500 million euros to companies to spice up ammunition manufacturing capability - 7 minute timer

EU Fee provides 500 million euros to companies to spice up ammunition manufacturing capability

fa082d6e128f7d48034b919642d3403db8410e93

BRUSSELS: The European Fee on Friday introduced 500 million euros ($544.30 million) in funding awards to European corporations to ramp up ammunition manufacturing capability beneath a scheme to get extra shells to Ukraine and replenish the stockpiles of European Union nations.The funding awards beneath the ASAP scheme ranged from 47 million euros to 2.1 million euros for tasks coordinated by corporations together with Rheinmetall, Nammo, Chemring Nobel, Hellenic Defence Techniques, Eurenco and others.”Today, the Commission allocated the €500 million foreseen under the Act in Support of Ammunition Production (ASAP),” the Fee mentioned in a press release.”This will allow the European defence industry to ramp up its ammunition production capacity to 2 million shells per year by the end of 2025.”

#Fee #million #euros #companies #increase #ammunition #manufacturing #capability

Leave a Reply

Discover more from 7 minute timer

Subscribe now to keep reading and get access to the full archive.

Continue reading