Norway’s government will increase the kingdom’s defense spending by 7 billion kroner ($632 million at current exchange rates) this year and meet NATO’s target of 2% of the country’s GDP to be devoted to military needs.
The Prime Minister of Norway, Jonas Gar Støre, announced this.
Thus, Norway’s annual defense budget will reach 104 billion kroner ($9.38 billion). Another 600 billion kroner ($54.14 billion) is expected to be allocated to military needs in the next 12 years, and the annual defense budget is expected to reach 166 billion kroner (almost $15 billion) in 2036.
“From the middle of 2024, we will reach the two percent NATO index. The investments that we are making today are the investments that we should and can make, it does not tolerate delay,” said the Prime Minister.
According to Støre, the additional funding should allow strengthening the kingdom’s defense potential “in all areas”. Accordingly, it is planned to pay great attention to the strengthening of the air defense system and the modernization of the army’s infrastructure, including the construction of new barracks.
The plan to strengthen the Norwegian Armed Forces envisages the creation of two new brigades in the north and south of the country, as well as an increase in the number of conscripts from 9,000 to 13,600 by 2036.
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