UKRAINE, Nov 12 – More than $1.3 billion has been allocated for manufacturing weapons and military equipment, announced the Minister for Strategic Industries of Ukraine, Herman Smetanin.

The funds allocated for the next year, $1.3 billion [54.55 billion hryvnias], is more than the amount allocated for 2024, which is about $1.2 billion [51 billion hryvnias].

“These funds will be used to advance production, develop and implement new technologies, and increase production capacity for defense products,” Herman Smetanin said.

Also, Smetanin said $120 thousand was allocated for the affordable loans program for defense companies.

“This program was created this year, allowing producers to take loans at 5% yearly interest rate,” the minister said.

On November 11, Vice President of the European Commission Josep Borrell announced in an interview with the Ukrainian media outlet European Pravda that by the end of 2024, Ukraine will receive 1.5 million shells from the European Union member states.

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