Berlin, 27 Feb (RT)- Chancellor Scholz “From now on, more than 2% of our GDP will be invested in defense.”

German Chancellor Olaf Scholz announced a plan to beef up the German military on Sunday, pledging €100 billion ($112.7 billion) of the 2022 budget for the armed forces and repeating his promise to reach the 2% of gross domestic product spending on defense in line with NATO demands.

Scholz announced the new allocation in a speech during a special session of parliament on Germany's response to Russia's invasion of Ukraine. He said the spending would include investments and armaments projects for the German military.

Scholz also said Germany would supply the Ukrainian military with weaponry, in a reversal of previous policy.

"We need to support Ukraine in its hour of desperate need," the chancellor said.

"In attacking Ukraine, [Russian President Vladimir] Putin does not just want to eradicate a country from the world map, he is destroying the European security structure," Scholz told German lawmakers.