Cyprus has become the sixth member state of the European Union to sign a loan agreement under the SAFE program worth €1.18 billion. The development was announced on Monday by EU Defence Commissioner Andrius Kubilius.
The agreement was signed on behalf of the European Commission by Andrius Kubilius and Budget Commissioner Piotr Serafin. On the Cypriot side, the signatories were Finance Minister Makis Keravnos and the Head of the Public Debt Management Office, Chrysavgis Chrysostomou-Lapathiotis.
SAFE (Security Action for Europe) is a European financial instrument designed to support defense investments across EU member states.
According to the Defence Commissioner, the European Union’s financial support is expected to be directed toward the country’s armed forces and industrial sector.
SAFE (Security Action for Europe) is a European financial instrument designed to support defense investments across EU member states. Through the program, loans are provided to strengthen and modernize the defense capabilities of EU countries.
At the same time, Poland became the first country to receive pre-financing under the program. The amount totals €6.56 billion and corresponds to 15% of the total funding approved for the country. According to the European Commission, the pre-financing is intended to accelerate the implementation of defense investments and enhance the capabilities of member states.
Sources: Φιλελεύθερος, ΤΟ ΒΗΜΑ
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