Defense contracts worth at least $50 billion have been signed during the Defense Industry Forum held on the sidelines of the NATO Summit in Ankara, Turkish newspaper Türkiye reported.

According to the newspaper, the agreements cover the procurement of air defense systems, unmanned aerial vehicles (UAVs), as well as joint projects in the defense and military equipment sectors.

Earlier, NATO Secretary General Mark Rutte announced that 20 NATO member states would participate in the Drone Edge initiative, under which about $40 billion will be invested over the next five years to expand the production of drones and counter-drone capabilities.

Rutte said NATO countries were expected to sign defense contracts worth tens of billions of dollars during the Ankara summit.

Leaders of the alliance’s 32 member states are taking part in the two-day NATO summit in Ankara. A plenary session of heads of state and government is scheduled for July 8.