NATO to announce 'tens of billions' of dollars for defense contracts

The NATO alliance is preparing to announce tens of billions of dollars worth of defense contracts on Tuesday at its highly anticipated summit in Ankara, Turkey, this week.

Each country is expected to “present clear, concrete, and credible plans to reach” the 5% gross domestic product spending defense minimum requirement, NATO Secretary-General Mark Rutte said during a press conference on Monday previewing the summit. The alliance agreed last year to bump the defense spending minimum requirement from 2% to 5%, though countries have until 2035 to reach the new benchmark.