The European Commission approved €787.67 million in defence loans for Greece under the Security Action for Europe (SAFE) program on Tuesday, September 9.
The funding marks the first instalment from SAFE’s total €150 billion budget, designed to boost the EU’s defence capabilities by supporting member states in procuring and producing defence equipment.
Nineteen member states have applied for loans under the scheme, including Greece, Cyprus, Belgium, Bulgaria, the Czech Republic, Estonia, Spain, France, Croatia, Italy, Latvia, Lithuania, Hungary, Poland, Portugal, Romania, Slovakia, Finland, and Denmark.
SAFE loans feature competitive interest rates, a ten-year grace period on repayments, and options for bilateral agreements with third countries to expand eligibility.
Greece has requested a total of €1.2 billion from the program, primarily to enhance its air defence systems.
Source: Ekathimerini.
 program.){kind=link}