The fund will accept private donations.
"To ensure additional funding for the development of the country's defense capabilities and to strengthen the resilience of society, the budget and finance (tax) commission of the Saeima on Thursday, November 20, supported in the final reading the draft law on the State Fund for Defense and Security," the Saeima press service reported. It is expected that the fund will serve as a tool for attracting additional financial resources and their targeted use to strengthen the country's security.
"The fund will complement the already established system of long-term financing, 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 targeted investments in the security and resilience of our society," emphasized the commission chair Anda Čakša during the consideration of the draft law in the responsible Budget and Finance (Tax) Commission.
It is planned that the funding for the fund will come from the state budget, donations from individuals and legal entities, foreign financial assistance, and other revenues.
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 projects of military significance and dual-use, developing civil defense, crisis management systems, enhancing 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.
