OREANDA-NEWS On Thursday, June 30, NATO leaders signed a document in which they agreed on creating the Innovation Fund, which aims to bring together governments, the private sector and academia to strengthen the alliance's technological superiority.

The signing ceremony took place at the NATO summit in Madrid.

Before signing the document, NATO Secretary General Jens Stoltenberg said that the fund provides an initial investment of $1 billion in new projects and other technology funds in 22 NATO member countries.

According to Stoltenberg, the goal of the fund is to develop promising technologies over the next 50 years in order to strengthen the security of the alliance.

NATO leaders previously claimed that the organization is preparing a special plan in order to accelerate the introduction of defense innovation. Moreover, the alliance is launching a multinational Innovation Fund to to build technological advantage.

The document emphasized that the members of the alliance, in particular, approved a strategy that will ensure the uninterrupted supply of a new generation airborne warning and control system (AWACS) and related capacities.