Poland announces they were first in Europe to establish Defense and Security Fund
Katarzyna Pełczyńska-Nałęcz (photo: x.com/Kpelczynska)
Poland has announced the creation of a Defense and Security Fund and plans to develop an investment plan for it within two months. The fund will receive 30 billion zlotys (about 7.7 billion dollars), according to the Twitter account (X) of the Polish Minister of Finance and Regional Policy, Katarzyna Pełczyńska-Nałęcz, and Polskie Radio 24.
"Officially: Poland becomes the first country in Europe to establish a Defense and Security Fund within the KPO. We are investing billions in shelters, dual-use infrastructure, and the development of Polish defense companies," the Polish minister said in a statement.
She added that the country would focus on developing its domestic industry and exploring new technologies.
"We are starting negotiations with the European Commission (EC). At the same time, within two months, in collaboration with the Ministry of National Defense and other ministries, we will develop an investment plan for this Fund," said Pełczyńska-Nałęcz.
The Polish government discussed redirecting funds to the Defense and Security Fund during a meeting on Tuesday. As explained by the Polish authorities, the main goal is to strengthen the country's defense capabilities and security.
This fund is also intended to finance investments such as the modernization of the defense industry, expansion of strategic infrastructure, and the development of defense technologies.
Earlier, it was reported that EU finance ministers decided to discuss a sharp increase in defense spending, which was planned to be financed through new joint borrowing, available EU funds, and strengthening the role of the European Investment Bank.
On March 9, European Commission President Ursula von der Leyen announced that the EU is starting to implement a plan to rearm Europe and is launching the REARM Europe program with €800 billion to strengthen security.
Additionally, it was reported that all 27 EU member states previously agreed on a plan to rearm Europe.
