Slovakia and Czech Billionaire Strnad to Offer €58 Billion of Ammo to EU

Slovakia, working with Czech billionaire Michal Strnad, offered to supply up to €58 billion ($68 billion) worth of large and medium-caliber ammunition for European Union member states to purchase with SAFE funds over seven years.

ZVS Holding, jointly owned by Slovakia and Strnad’s Czechoslovak Group AS, signed a framework agreement on Friday as defense companies seek to tap into the EU’s flagship €150 billion Security Action for Europe program. The EU created the fund to boost defense capabilities of its member states.