The EU has created a fund to finance military operations abroad

Image source: © РИА Новости / Алексей Витвицкий

Brussels. March 22. INTERFAX-The European Union has now received a kind of military budget - the European Peace Fund( EFM), an extra-budgetary fund of 5 billion euros for the period 2021-2027, which will be funded by contributions from EU member states.

"Lasting peace can only be built by investing in international stability and security. The EU has the desire, and from now on, the necessary financial instruments to do this. The European Peace Fund will allow us to provide tangible support to our partners in solving common security problems, " said the current President of the EU Council, Portuguese Foreign Minister Augusto Santos Silva, commenting on the decision to establish the fund on Monday.

The stated goal of the EFM is to prevent conflicts, preserve peace, and strengthen international stability and security. Using it, the EU will help partner countries to conduct peacekeeping operations or improve the ability of their armed forces to ensure peace and security on their own territory. It will also allow the EU to take more significant military actions within the framework of the Common Foreign and Security Policy.

At the expense of this fund, the EU can, at the request of third countries, regional or international organizations, supply them with military equipment and create defense infrastructure. The assistance measures "will be integrated into a clear and coherent policy strategy and accompanied by a thorough risk assessment and robust safeguards."

Since 2004, EU participation in military missions and operations has been funded through the ATHENA mechanism. It will be replaced by the EFM. The budget will increase and flexibility will increase, while the operational part will remain in the EU Council.

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