The Danish government has announced plans to bolster its military by setting up a 50 billion-kroner ($7 billion) fund that it says will raise the country’s defense spending to more than 3% of gross domestic product this year and next.

Denmark plans to accelerate its defense modernization by spending an additional 50 billion krone ($7 billion) in 2025 and 2026, the country’s government has announced. Copenhagen will create an Acceleration Fund to enable faster procurements to support the country’s defense and security.

Denmark will boost its defense spending to more than 3% of economic output as the nation seeks to counter an escalation in security threats from Russia.