European Defense Fund to provide funding for Greek defense system

According to sources, the European Defense Fund plans to provide €60-80 million in funding to Hellenic Defense Systems (EAS) to ramp up the production of 155mm projectiles, as part of efforts to bolster the European defense industry in response to the escalating demand for defense equipment due to the conflict in Ukraine.

During the recent visit of EU Internal Market Commissioner Thierry Breton, it was assessed that the facilities at Lavrio meet the necessary requirements for immediate inclusion in the network of defense equipment production units that the EU plans to use to meet the heightened needs created by the war in Ukraine.

If this agreement is implemented, it would serve as a significant and generous financial boost for EAS and the production plant at Lavrio. (ILKHA)