EU clears $169 billion defence fund to boost security amid US pullback

The EU's 27 member states gave initial approval to a ₹150 billion ($169 billion) defence fund that will distribute money to countries looking to invest in security capabilities such as ammunition, drones and the protection of critical infrastructure, according to sources.

The fund is expected to receive formal approval next week, a source said. The program was proposed by the European Commission in March as a response to President Donald Trump's pullback of American security in Europe.