The European Union (EU) announced on Monday that it has established European Peace Facility (EPF) an off-budget fund worth ~€5 billion for the period 2021-2027 to finance military operations abroad.
The new financial instrument will cover all of EU’s external actions that have military or Defence implications under the Common Foreign and Security Policy (CFSP). It will be financed through contributions from EU member states.
The aim of the EPF is to enhance the EU’s ability to prevent conflict, preserve peace and strengthen international stability and security. It will do so by allowing the EU to better help partner countries, either by supporting their peace-keeping operations or by helping increase the capability of their armed forces to ensure peace and security on their national territory, as well as through broader actions of a military/defence nature in support of CFSP objectives.