French Defense Sector Needs €15 Billion in Funds in NATO Effort
French efforts to spend more on defense comes against the backdrop of the political turmoil in the country.
Photographer: Nathan Laine/BloombergFrance’s defense industry needs €15 billion ($17.4 billion) in new funding in the coming years if the country is to honor its commitments to NATO’s military efforts, according to state investment bank Bpifrance.
In a study released Wednesday, the bank said companies in France’s defense sector need to grow by 7.6% each year between now and 2030 to boost production by €31 billion if the country is to hit the target set by the military alliance. The North Atlantic Treaty Organisation has called on its member states to spend 3.5% of their gross domestic product on defense by 2035.