At the end of July, the Commission announced that 18 member states, including Belgium, had requested loans from a total fund of 150 billion euros. This number has now increased to 19 with Denmark’s application. Although member states can continue to submit requests until the end of November, it appears that the remaining eight countries are not interested in participating.
On September 9, the 19 countries will learn the amount of funds they can borrow. They must submit their national plans by November 30, detailing their intended purchases and the countries and companies they wish to work with. The Commission will review these plans and aims to disburse an initial tranche of about 15 percent of the total funds this year, allowing member states to commence their projects.
During a press conference, Von der Leyen noted that many member states have expressed intentions to use the funds to bolster the Ukrainian arms industry, which she described as a “real European success.”
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