Argentina and Uruguay seek to kickstart modernisation with special funds
Argentina and Uruguay have each created funds and financial mechanisms to pay for new defence equipment, as they seek solutions to long-running modernisation requirements.
On 16 September, the Argentine Senate approved the creation of the National Defence Fund (FONDEF in Spanish), with ARG300 million (USD404 million) set aside to equip the three services.
This project was originally presented by the current Minister of Defence, Augustin Rossi when he was a national deputy. It was approved by the Chamber of Deputies in November 2019 before being voted on in the Senate.
FONDEF will account for 0.35% of the total expected income
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