EU Releases First €118 Million Defense Payment to Greece Under SAFE Program
Greece has received its first payment under the European Union’s new Security Action for Europe (SAFE) defense financing program, with the European Commission disbursing €118.2 million ($134.3 million) to support military modernization and strategic defense investments.
The payment, made on July 23, represents 15% pre-financing of Greece’s total €787.7 million ($895.4 million) allocation under the SAFE instrument, which provides low-interest loans to EU member states for defense-related projects. SAFE is backed by up to €150 billion ($170.5 billion) in financing raised by the European Union on international capital markets and is intended to strengthen Europe’s defense capabilities while supporting the continent’s defense industry.
“The pre-financing will enable Greece to accelerate priority investments in the defense sector, strengthen its resilience, and modernize its military capabilities in support of common European objectives,” the European Commission said in a statement. European Commissioner for Defense and Space Andrius Kubilius described the payment as part of a broader effort to reinforce Europe’s collective security.
“Today’s first payment to Greece under the SAFE program is a clear signal that Europe is taking action where it matters most: by strengthening our common security and supporting our defense industrial base,” Kubilius said. He added that the funding will help Greece advance key defense investments while contributing to Europe’s broader resilience and strategic readiness.
What Is the SAFE Program?
SAFE (Security Action for Europe) is the European Union’s new defense financing mechanism, designed to help member states invest in military equipment, critical capabilities, and defense production through long-term, low-cost loans.
The initiative was established amid growing security concerns across Europe and aims to encourage joint procurement, strengthen the European defense industry, and improve military readiness across the bloc.
Greece among first beneficiaries of EU SAFE funding program
Greece is the fifth EU member state to receive pre-financing through SAFE. Earlier payments were made to:
- Poland: more than €6.5 billion
- Lithuania: more than €956 million
- Croatia: €255 million
- Cyprus: more than €177 million
The European Commission has also approved Italy’s €14.9 billion ($16.9 billion) national defense investment plan under SAFE. Italy must now sign its loan agreement before funds can be released.
As additional member states complete their financing agreements, SAFE is expected to become one of the European Union’s largest coordinated defense investment programs, supporting both national military modernization and the bloc’s long-term security objectives.
Related: Greece Joins EU’s SAFE Defense Plan; Turkey’s Participation Vetoed
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