(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, July 7 (KUNA) -- The EU presidency currently held by Spain and the European Parliament Friday reached a provisional agreement on the Act in Support of Ammunition Production (ASAP).
The agreed regulation will urgently mobilize 500 million euro (USD 543 million) from to support the ramp-up of the manufacturing capacities for the production of ground-to-ground and artillery ammunition as well as missiles, said an EU statement.
The deal aims to secure the long-term increase in European ammunition production to the benefit of Ukraine and EU member states.
"Thanks to today's record time agreement on ASAP the EU will bolster and speed up Europeآ ́s own production of ammunition and missiles. This is yet another proof of the EU's unwavering commitment to supporting Ukraine, strengthening the EU's defence technological and industrial base, "said Margarita Robles, Spanish Minister of Defence.
The provisional agreement must now be formally endorsed by the Council of the EU and the Parliament. Signature and entry into force is foreseen to take place before the end of July. (end)
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