EU Countries Approve £150 Billion Defence Fund

Brussels: European Union countries on Monday in principle agreed on the proposals for a £150 billion fund aimed at boosting Europe's defence, known as Security Action for Europe (SAFE). According to Emirates News Agency, the plan, proposed by the European Commission in March, will be financed through joint borrowing. It aims to provide loans to EU members and certain other countries, such as Ukraine, for projects that enhance their defences and strengthen Europe's arms industry.