The European Commission confirmed on Friday that it allocated funds worth €500 million designated to strengthen the European defense sector in ammunition production, expecting to reach a goal of 2 million shells annually by the last months of 2025.
"The selected projects cover five areas: explosives, powder, shells, missiles, and testing and reconditioning certification. The projects will be funded with €513 million from the budgets of the EU and Norway. This funding will leverage additional investment from industry through co-financing, resulting in a total investment of around €1.4 billion in the supply chain," the statement said.
The projects are expected to sign grant agreements in May.
