Poland is creating the Defence and Security Fund, its volume will be 7.8 billion dollars – this was announced in the social network X (Twitter) by the Minister of Finance and Regional Policy Katarzyna Pelczynska-Nalencz on March 25.
“It’s official: Poland is the first in Europe to create a Defence and Security Fund. We will invest billions in shelter, dual-use infrastructure and the development of Polish armed companies. We will develop our industry and research into new technologies,” she said.
According to Pelczynska-Nalencz, the investment plan will be created within two months with the Defence Ministry and other agencies.
Earlier, the official said Poland would contribute 30 billion zlotys (about $7.8 billion or 7.2 billion euros equivalent) to the fund.
In early March, Deputy Defence Minister Cesarius Tomczyk said that Poland plans to spend even more on defence. He suggested defence spending would reach 5% of the country’s GDP.
On 6 March, EU leaders at a summit in Brussels approved plans for a sharp increase in military spending after the US presidential administration made it clear that in the future Europe would have to rely on its own forces for defence.
EU states approved the relaxation of budgetary restrictions that allow for increased military spending. The European Commission estimates that 650 billion euros could be freed up in this way.