The EU Council has agreed on Monday on a new financial instrument to maintain peace, as the decision to establish the European Peace Fund (EPF) has been adopted with approximately €5 billion to be financed through contributions from EU member states from 2021 to 2027, according to the press release of the EU Council.
The new financial instrument that will cover all EU’s external actions that have military or national defence implication under the Common Foreign and Security Policy (CFSP).
“The ultimate goal of the EPF is to strengthen the EU’s ability to prevent conflict, maintain peace and strengthen international stability and security,” the EU Council said.
The EU Council explained that they would achieve this goal either by supporting the peacekeeping efforts of partner countries or by increasing the capability of their armed forces to ensure peace and security on their national territory.
The facility will allow the EU for the first time to complement the activities of its Common Security and Defence Policy (CSDP) missions and operations in host countries with assistance measures. The measures include supplying military and defence related equipment, infrastructure or assistance, at the request of third countries, regional or international organisations.
The EU’s approach to the financing of external action aims to shape a comprehensive and coherent EU security policy and create synergies with other policies and instruments, such as the Neighbourhood Development and International Cooperation Instrument (NDICI-Global Europe).
“The European Peace Fund will broaden the geographical scope of EU intervention. The EU will now be able to contribute to the financing of military peace support operations and assistance measures for our partners anywhere in the world,” said the EU council.