"Europe is poised to inject $7 billion into Ukraine's drone industry, hoping to supercharge mass production for the country's increasingly renowned low-cost weapons. The European Commission's president, Ursula von der Leyen, said on Wednesday that the European Union would "frontload 6 billion euros," or roughly $7 billion, for Ukrainian drones. "Ukraine has the ingenuity. What it needs now is scale," von der Leyen said in her State of the European Union address. The announced $7 billion would be the biggest official tranche of funding to Ukraine's drone industry so far."
"It's close to the $6 billion that Ukraine's defense minister, Denys Shmyhal, has said Kyiv needs to cover this year's production of first-person-view drones, interceptors, long-range drones, and missiles. While new, Ukraine's drone industry has increasingly been in the spotlight for producing cheap but effective weapons regularly being used to destroy Russian loitering munitions, armor, artillery, and production facilities. The local drone industry is now seen as a globally leading force, driven by a wide range of domestic manufacturers and individual military units."
The European Commission will frontload €6 billion (roughly $7 billion) to expand Ukraine's drone industry, funded by interest on frozen Russian assets. Ukraine's defense minister estimated $6 billion is needed to cover this year's production of first-person-view drones, interceptors, long-range drones, and missiles. Ukraine's drone industry produces low-cost, effective weapons that destroy Russian loitering munitions, armor, artillery, and facilities and disrupt ground assaults. Domestic manufacturers and military units drive production but often lack funds, relying on donations and crowdfunding. President Zelenskyy estimated capacity to make 8 million drones annually but lacks financing.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]