European Council and European Parliament approve a plan to increase ammunition production

The Council of the European Union and the European Parliament have reached a provisional agreement to increase ammunition production.

The press service of the Council of the European Union reported this. 

They will allocate €500 million from the EU budget to support the increase in the production of ground-to-ground and artillery ammunition, as well as missiles.

The decision should also make it easier for European ammunition producers to access public and private funding through the Ramp-up Fund. 

The decision now needs to be approved by the EU Council and the European Parliament. Official approval will follow a legal-linguistic review. The decision is expected to enter into force at the end of July.