A Defense and Security Fund is Being Established. Donations Will Be Accepted 0 11

To ensure additional funding for the development of the country's defense capabilities and to strengthen societal resilience, the Saeima on Thursday, November 6, conceptually supported the draft law on the State Defense and Security Fund submitted by the Cabinet of Ministers. The fund is expected to serve as a tool for attracting additional financial resources and their targeted use to enhance the country's security.

"The fund will complement the already established long-term financing system, providing flexibility in the implementation of short-term and medium-term projects. The creation of this fund will be a strategic step in strengthening the security of our country, allowing us to respond quickly to new threats and enabling us to invest targeted resources in the security and resilience of our society," emphasized the chair of the committee, Anda Čakša, during the consideration of the draft law in the responsible Budget and Finance (Tax) Committee.

It is planned that the funding for the fund will consist of state budget resources, donations from individuals and legal entities, foreign financial assistance, and other revenues.

According to the press service of the Saeima, the resources of the Defense and Security Fund can be used for the development of the National Armed Forces in accordance with NATO development goals, as well as for strengthening the defense industry and supporting defense-related projects of military significance and dual-use, developing civil defense, crisis management systems, and enhancing the internal and external security of the country, cybersecurity, and border security.

In addition, the fund's resources will be intended for the implementation of military mobility and dual-use infrastructure projects, providing military support to Ukraine, improving the security systems of Latvia's diplomatic missions, civil defense measures, and disaster management.