"I believe it would go toward our major arms and ammunition purchases," the minister told LRT Radio on Thursday.
"All countries are queuing up, and we want to increase some purchases, especially those of ammunition," he added.
Anusauskas said that some of the money would also be used for the construction of warehouses, including those needed to host Germany's brigade.
The Cabinet earlier this week revised its draft 2023 budget, among other things, to allow raising defense spending up to 3 percent of GDP through borrowed funds, provided that next year's overall budget deficit does not exceed 4.9 percent of GDP.
The original draft budget set the defense spending target at 2.52 percent of GDP. Based on the current GDP forecast, the difference between 2.52 percent and 3 percent amounts to 337.3 million euros.