NATO’s Secretary-General Jens Stoltenberg announced on Tuesday that the alliance’s procurement agency, NSPA, has signed a new multinational contract for Stinger anti-aircraft missiles worth nearly $700 million.

“Just today, the (NATO procurement agency) NSPA signed a new multinational contract for Stinger missiles worth almost $700 million,” he stated at a gathering of defense industry leaders on the sidelines of the NATO summit in Washington.

The previous contract for Stinger missiles, manufactured by RTX’s Raytheon division, was awarded in May 2022.

This contract was for $625 million worth of the anti-aircraft missiles to replenish stocks sent to Ukraine.

Shoulder-fired Stinger missiles have been in high demand in Ukraine, where they have proven effective in halting Russian air attacks, and in neighboring European nations concerned about the possibility of needing to repel Russian forces.

An RTX spokesperson informed Reuters that the NATO order for Stingers will ensure continuous production through 2029.