NATO allies launch $1.05 billion Defense Innovation Fund
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22 countries out of NATO's 30 allies signed a document to establish a 1 billion euro innovation fund.
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The fund will allow NATO allies to invest the funds in start-ups and programs developing new technologies such as AI (AFP)
A NATO statement said on Thursday that the leaders of 22 countries out of the alliance's 30 allies have signed a document to commit a total of 1 billion euros to an Innovation Fund at the summit in Madrid.
The statement read that on the signing ceremony, hosted by NATO Secretary-General Jens Stoltenberg, "Leaders and Ministers from 22 Allied countries* launched NATO’s Innovation Fund, the world’s first multi-sovereign venture capital fund."
The creation of a fund was approved in 2021 in order to foster technological superiority among alliance members. According to NATO's Secretary-General, the objective of the fund will be to support innovations that will strengthen the alliance's collective security.
"With a 15-year timeframe, the NATO Innovation Fund will help bring to life those nascent technologies that have the power to transform our security in the decades to come, strengthening the Alliance’s innovation ecosystem and bolstering the security of our one billion citizens," Stoltenberg said.
He further added that the fund will allow NATO allies to invest the $1.05 billion in start-ups or programs developing new technologies, such as artificial intelligence. It will partner together with NATO's Defense Innovation Accelerator for the North Atlantic (DIANA), in order to leverage the newest technologies to safeguard the alliance's superiority in security.
During the annual NATO summit held in Madrid, Joe Biden said that the US is enhancing its presence in Europe for the long term to reinforce regional security given the Ukrainian crisis.
Earlier on Wednesday, during the opening of the summit, Biden met with NATO Secretary-General Jens Stoltenberg in Madrid where he said that “NATO is strong and united, and the steps we’re taking during this summit, we’re going to further augment our collective strength.”
Biden also stated that the US is founding a permanent HQ in Poland, as well as sending two additional F-35 fighter jet squadrons to the UK, and further “air defense and other capabilities” are set for Germany and Italy.
