EU establishes €150B SAFE defense fund
1 min read215
On Tuesday, May 27, the Council of the European Union announced the creation of the Security Action for Europe (SAFE) defense fund worth €150 billion.
According to the press release, the new fund aims to incentivize member states to expand defense industry production through joint purchases and to finance urgent, large-scale investments in the European defense and technology base.
The statement emphasizes that the main goals of this initiative are to increase production capacity, ensure a steady supply of defense equipment, meet strategic needs, and strengthen the EU's overall defense capability.
The SAFE fund will also enable the EU to continue assisting Ukraine. It aims to support Ukraine’s defense industry from the very beginning.
It is noted that funds will be provided to member states as long-term loans at "competitive" interest rates, based on request. One of the conditions, however, is that purchases must be made jointly with at least two other countries.
According to the press release, the new fund aims to incentivize member states to expand defense industry production through joint purchases and to finance urgent, large-scale investments in the European defense and technology base.
The statement emphasizes that the main goals of this initiative are to increase production capacity, ensure a steady supply of defense equipment, meet strategic needs, and strengthen the EU's overall defense capability.
The SAFE fund will also enable the EU to continue assisting Ukraine. It aims to support Ukraine’s defense industry from the very beginning.
It is noted that funds will be provided to member states as long-term loans at "competitive" interest rates, based on request. One of the conditions, however, is that purchases must be made jointly with at least two other countries.
Did you like this article?
No ads with a subscription
Zamin Premium — 4 900 UZS a month
Related news
Comments0
…