EU ready to fund some projects to speed military deployments

BRUSSELS — The European Union could make billions of euros available to upgrade bridges and roads so its member countries and NATO are able to rapidly deploy troops in times of crisis, an EU official said Monday.

The EU's European Commission has proposed a budget of 6.5 billion euros ($7.7 billion) for certain infrastructure projects, Transport Commissioner Violeta Bulc told NATO ambassadors. The money can be used for "dual use" projects, such as increasing the weight capacity of a bridge to accommodate heavy military equipment if civilian freight trucks also would benefit from the work, Bulc said.

The funds are part of broader aims to upgrade infrastructure, including ports and airports, and to cut customs and administrative red tape, which cause delays, increase costs and leave Europe more vulnerable to attack.

NATO commanders are calling for the lifting of military transport barriers. Officers say it can take up to 30 days to get administrative clearance to move through Europe.

Bulc said it will take about 18 months to identify infrastructure gaps and decide which projects could be useful for civilians. The money would be available from 2021 and only for EU countries, not for non-EU NATO members like the United States, Canada, Albania, Iceland, Montenegro and Turkey.

You may also interested in

Asian stock markets mixed as investors wait for Fed cue

Aug 26, 2016

Asian stock markets were mixed Friday, with investors preferring to sit on the sidelines ahead of U.S. Federal Reserve Chairman Janet Yellen's speech for cues on the timing of the next policy rate hike

US economy grew at tepid 1.1 percent pace in spring

Aug 26, 2016

US economy grew at sluggish 1.1 percent annual pace in April-June quarter, slightly below earlier estimate

Tough economic outlook in Brazil after president removed

Aug 31, 2016

There's a tough road ahead for Latin America's largest economy after ouster of President Dilma Rousseff

Broaden News
Search

Manage The Numbers is the world’s fastest-growing finance news website, featuring the latest money and market news, along with in-depth analysis so you can make the best decision.

Contact us: sales@managethenumbers.com

Subscribe to our newsletter!

Name

Email