Nicosia, Cyprus. Cyprus and the European Commission have signed the country’s loan agreement under the European Union’s €150 billion Security Action for Europe, or Safe, programme. Finance Minister Makis Keravnos and European Defence Commissioner Andrius Kubilius signed the agreement.
Safe programme funding
Kubilius said that “very soon, EU support will start reaching Cyprus’ military and industry”. Cyprus is the sixth EU member state to sign a loan agreement under the programme, after Poland, Lithuania, Croatia, Romania and Belgium. Poland received the first disbursement of funds available to it under the programme on Friday.
Poland was allocated a little over €6.5 billion of the almost €44 billion it is entitled to under the scheme, making it the largest recipient of funding among EU member states.
Cyprus secured over €1 billion through the programme. Defence Minister Vasilis Palmas said last year that the funding would allow the National Guard to acquire military hardware to “cover [its] priorities” until 2030.
He said the Safe programme came at “a time when the European Union’s needs to cover shortcomings are significant” and when “the mobilisation of equipment programmes and joint procurement programmes is becoming urgent”.
“The €150bn which will be invested by member states in the joint procurement of high-tech weapons systems is expected to be the trigger for a new promising era for European defence, with the ultimate goal of autonomy, technological dominance, and resilience,” he said.
Earlier approval
Cyprus’ investment plan was approved by the Council of the EU in February. President Nikos Christodoulides described the Safe programme at the time as “an important financial tool”.
He said the Council of the EU’s approval of the funding was “an indication of the correct work which was carried out in Cyprus” and noted that Cyprus was “among the first member states where the relevant amount was approved”.