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    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

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    OPEC+ agrees to increase oil production for September

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    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

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    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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Germany to send Soviet-made anti-aircraft missiles to Ukraine, will invest $112.1bn to modernize the German military

Thursday, 3 March 2022, 8:27 pm
in News, World
0
Germany to send Soviet-made anti-aircraft missiles to Ukraine, will invest $112.1bn to modernize the German military
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Germany seems to be clearing its stock of old military weapons, as it increases weapons deliveries to Ukraine. Following the invasion of Ukraine by forces of the Russian Federation, Germany reversed its long-standing policy of not sending weapons to conflict zones, a position rooted in Nazi-era war guilt.

A source within the German Government told AFP on Thursday that the Germany will increase weapons deliveries to Ukraine by ending 2,700 anti-aircraft missiles to the conflict zone.

Amongst the weapons going to Ukraine will be STRELA-type anti-aircraft missiles of Soviet manufacturer, which were previously used by the army of communist East Germany.

Germany’s first arms consignment of 1,000 anti-tank and another 500 anti-aircraft missiles has already been despatched to the front, the government said on Wednesday.

Read also; German authorities seize $600 million yacht belonging to Russian billionaire

The German government also unblocked the delivery of eight old howitzer cannons which Estonia had purchased from East Germany to Ukraine.

In a move that can be interpreted as a replacing the old weapons being moved to Ukraine, Germany has pledged to modernize its military.

It plans to massively boost defense spending in 2022 with a new $112.1 million security fund for military modernization, in light of Russia’s invasion of Ukraine.

Olaf Scholz, the German chancellor, also announced Sunday during an address at a special parliamentary session that the country will now invest more than two percent of its GDP in defense annually moving forward.

“We have set this goal not only because we have made a promise to our friends and allies to increase our defense expenditure to two percent of our economic output by 2024. We are also doing this for us, for our own security,” Scholz said, according to an English transcript of his speech.

“It is clear that we must invest much more in the security of our country. In order to protect our freedom and our democracy. This is a major national undertaking. The goal is a powerful, cutting-edge, progressive Bundeswehr that can be relied upon to protect us.

“But we should be under no illusions. Better equipment, modern technology, more personnel – all of this costs a lot of money. We will therefore set up a special fund for the Bundeswehr. And I am deeply grateful to Federal Finance Minister Lindner for his support on this.”

Germany currently spends about 1.5 percent of GDP on defense, or around $50 billion annually, but the new increase will match NATO members’ pledge to meet a two percent annual threshold for military spending.

On the one-time $112.1 billion security fund to be established this year, Scholz said the appropriations would be allocated “for necessary investments and armament projects.”

Scholz said the uptick in defense spending commitment is intended to ensure Germany keeps pace new technology, with the chancellor citing opportunities to pursue major weapons system develop and acquisition efforts.

“This is why it is so important to me, for example, that we build the next generation of combat aircraft and tanks here in Europe together with European partners, and particularly France. These projects are our utmost priority,” Scholz said.

More specifically, Scholz noted Germany will continue pursuing a replacement for its nuclear weapon-carrying Tornado jets and noted the Lockheed Martin [LMT]-built F-35 as a potential future option.

Germany will also continue to further the capabilities of its Eurofighter Typhoon fighter aircraft, according to Schultz, who said the platforms are set to be equipped with electronic warfare systems.

Scholz also noted Germany has now signed final contracts to move ahead with procurement of the new Eurodrone UAV and is moving toward procuring armed Heron drones from Israel.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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