Chile’s armed forces are busy revising their long-term equipment acquisitions plans as a new funding law, which will grant each service USD1.3 billion for procurement within the next 12 years, is expected to be become effective by the end of the year or early in 2020, senior military sources in Santiago have told Jane’s .
Dating from 1958 and reformed since then, the current Copper Law allocates 10% of the annual sales of state-owned mining group CODELCO exclusively to military procurement, with minimum funding of USD90 million set per service per year.
The new bill to replace the Copper Law, which was approved by the Senate in December and is now undergoing further revision, will provide each service with a minimum of USD110 million for procurement each year through allocations in the country’s yearly fiscal budget.
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