EU’s €150 Billion Defense Fund Receives Preliminary Approval

The European Union’s 27 member states gave initial approval to a €150 billion ($169 billion) defense 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 people familiar with the matter.

The fund is expected to receive formal approval next week, said one of the people, who spoke on the condition of anonymity.