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Italy sees planned F-35 fighter jet spending rise by €7.3 billion

Reuters
Italy sees planned F-35 fighter jet spending rise by €7.3 billion

ROME, Nov 10 (Reuters) - ‌Italy's government is seeking parliamentary approval to increase ​planned investment ‌in F-35 fighter jets by €7.28 ‌billion ($8.17 billion), lifting the programme's overall cost by more than ‌50%, according to a parliamentary document.

• The programme was approved in 2009 with a planned budget ⁠of €13.5 billion. The additional funding ‌would bring total ⁠spending to €20.8 billion.

• The new investment ​is due to begin next year and run through 2039.

• ​The government said the cost ​revision ‌reflected technological upgrades, stricter security ​requirements, inflation and changes in ⁠the euro-dollar exchange ‌rate.

• The increase ​comes as ​European countries boost defence spending in response to Russia's invasion of Ukraine and broader security concerns.

• ‌Italy has pledged to gradually raise military expenditure and accelerate investment ‌in ​advanced military capabilities as allies push for stronger European defence.

($1 = 0.8908 euros)

(Reporting by Angelo Amante and ‌Giulia SegretiEditing by Keith Weir)

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