site.btaNational Assembly Ratifies Participating Partner Agreement to NATO Innovation Fund

Parliament on Friday ratified a Participating Partner Agreement to the NATO Innovation Fund with 161 votes in favour, 36 against and 16 abstentions. The NATO Innovation Fund is set up to provide investment in participating countries, is funded on a voluntary basis and has a duration of 15 years. The bill proposing that the National Assembly ratify the agreement has been submitted by the Council of Ministers.  

The fund will provide investments in high-tech start-ups that have potential in security and defence. The expected amount of funding is around EUR 1 billion for the whole period. It is also envisaged that separate sub-funds could be set up, involving several interested allies or partners, according to the report of the Committee on Economic Policy and Innovation. The investment manager should ensure that excessive investments in one country are avoided, and the choice of companies in which to invest will require the approval of at least 75% of the participating countries. Participation in the Fund will provide funding opportunities to companies participating in activities under DIANA, NATO's defence innovation accelerator, as well as other firms with innovative projects, the report said.