The Council of the European Union on Monday approved the increase of funding for military aid to Ukraine by an additional €2 billion, to reach €5.5 billion,

The Council decided to increase the overall financial ceiling of the European Peace Facility (EPF) by €2 billion in 2023, “with the possibility of further increases at a later stage,” a press release cited by the state news platform Hina said. The total increase to the entire EPF financial ceiling by 2027 would be €5.5 billion (in 2018 prices).

The EPF is an extra-budgetary fund whose the purpose of which is billed as “strengthening the Union’s ability to prevent conflicts, building peace, and maintaining international security.” All EU member countries must contribute to the EPF, based on a formula calculated proportionally according to their gross national income (GNI).

“Today’s decision will ensure that we have the funding to continue delivering concrete military support to our partners’ armed forces. In less than two years, the European Peace Facility has proven its worth. It has completely changed the way we support our partners on defense. It makes the EU and its partners stronger,” the EU foreign policy chief, Josep Borrell tweeted.

So far, six packages of aid to the Ukrainian Armed Forces have been approved from the EPF. The armed forces of other countries, such as Georgia, Moldova, Bosnia and Herzegovina, Lebanon, and Mozambique, also received aid from this fund.

Some 86 percent of the total EPF budget for 2021-27 has already been committed, “which is why this increase was necessary,” Hina explained.