Defence: SAFE’s first payment to Greece of 118.2 million, the fifth in the EU

Brussels – Greece received today (23 July) the first payment of €118.2 million under the SAFE (Security Action for Europe) defence instrument, which provides for loans of up to 150 billion, raised on the financial markets, to be allocated to defence spending. The amount being sent to Athens today represents 15 per cent of its total allocation of €787.7 million. 

“The pre-financing will enable Greece to accelerate priority investments in the defence sector, strengthen its resilience and modernise its military capabilities in support of common European objectives,” commented the European Commission. 

“Today’s first payment to Greece under the SAFE programme is a clear signal that Europe is taking action where it matters most: by strengthening our common security and supporting our defence industrial base,” said Andrius Kubilius, Commissioner for Defence and Space. “By helping Greece to move forward with key investments, SAFE strengthens not only national preparedness, but also our shared European resilience and our strategic responsibility,” he added. 

To date, there have been four other disbursements. On 29 May, to Poland, just over 6.5 billion; on 18 June, to Cyprus, over 177 million; on 24 June, to Lithuania, over 956 million; and on 10 July, to Croatia, 255 million. Italy has submitted its National Defence Investment Plan, which has been given the green light by the Commission. The total amount is 14.9 billion, but in order to access the funds, the country must sign the loan agreement: something the Commission is asking Rome to do as soon as possible.