NATO to allocate $1.1bn to develop AI projects as financial competition to China
The NATO Innovation Fund plans to spend $1.1bn on the development of defence projects that will improve the technological equipment of the bloc and withstand competition against China, TASS reports
The source cited The Financial Times to inform that 23 states are already involved in the project.
As noted by NATO Assistant Secretary General David van Weel, the union lacks venture capital, which helps develop high-tech projects, in particular, in Europe. “We wanted to provide more capital from our side to invest in these [defence] campaigns so that they would not have to turn to Chinese investors,” he said.
David van Weel added that 23 countries are taking part in the development of the fund established last year, and its volume now stands at 1bn Euros. The United States has not joined it yet.
The NATO Innovation Fund supports projects using artificial intelligence, space and biotechnology. Investment of financial resources in the development of combat weapons is not expected. As reported, the main task of the foundation is the integration of new technologies, the development of contacts between the defence ministries of NATO member countries.
In early August, Sweden announced its readiness to join NATO Innovation Fund. According to the country's authorities, the contribution will amount to 1bn Euros.
