BRUSSELS, 27th June, 2023 (WAM) – The European Council today adopted a decision increasing the overall financial ceiling of the European Peace Facility (EPF) by €3.5 billion, building on an earlier agreement from 20th March 2023.
This decision is intended to ensure the EPF financial sustainability and predictability in the longer term and preserve its global geographical scope and the EU's ability to prevent and swiftly respond to crises and conflicts.
Josep Borrell, EU High Representative for Foreign Affairs and Security Policy, said, ' 'Today’s decision will again ensure that we have the funding to continue delivering concrete military support to our partners’ armed forces. This is already the second increase of the European Peace Facility funding since its creation in 2021. In less than two years, the Facility has proven its worth. It has completely changed the way we support our partners on defence. It makes the EU and its partners stronger.
With today’s top-up, the overall financial ceiling now totals more than €12 billion (in current prices).
The European Peace Facility was established in March 2021 to finance all common foreign and security policy (CFSP) actions relating to military and defence matters, with the aim of preventing conflict, preserving peace and strengthening international security and stability.