The European Commission, in collaboration with the European Investment Fund (EIF), has declared the launch of an impressive €175 million ($191.57 million) fund. This fund is set to advance defence and security innovation, playing a key role in the Commission’s increased focus on defence policy. Known as the Defence Equity Facility, it’s expected to generate around €500 million in total investment by drawing funds from private equity and venture capital establishments. The newly catalyzed fund will concentrate on technologies with civilian as well as defence applications over the next four years, as the bloc wrestles with internal security threats and armed conflicts in its close vicinity.
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
