The Council of the European Union on Monday approved an increase of the overall financial ceiling of its European Peace Facility (EPF) off-budget funding mechanism by €2 billion for 2023, hinting at a "possibility of a further increase at a later stage."
"Today’s decision will ensure that we have the funding to continue delivering concrete military support to our partners’ armed forces," EU High Representative for Foreign Affairs and Security Policy Josep Borrell (pictured) commented. The move pushed the upper limit of the EPF to €5.5 billion until 2027.
Two days ago, the Council announced its ministers greenlighted an €18 billion aid package for Ukraine, but it will need to pass the EU Parliament before coming into force, with Hungary previously stressing it opposes the action.
