The European Union has approved a new defense fund of 150 billion euros. This fund will be used to support joint procurement and production projects.

Turkey is included in this process, which will involve EU countries and certain third countries. The fund will be provided as long-term loans backed by the EU budget.

The primary goal of the fund is to increase Europe's defense production capacity and strengthen preparedness against threats from Russia. At least two EU members must jointly apply for projects.

The fund also includes some countries outside the EU. Countries like Turkey, Ukraine, and EFTA countries will be able to participate in projects.

A 'localization' requirement is expected for defense products. At least 65% of the final product must be sourced from EU countries.

The SAFE fund will come into effect on May 29. These developments could reshape Europe's strategies in the defense sector.