Greece has received €118.2 million in its first payment under the EU’s Security Action for Europe (SAFE) defence instrument.
The payment represents 15% of Greece’s total allocation of €787.7 million under SAFE, the European Commission informed in a release on Thursday.
SAFE is a €150 billion EU financial instrument that provides loans to member states, with funding primarily directed at joint procurement of ammunition, missiles, air defence and ground combat systems produced within the EU.
The scheme is part of the European Commission’s ReArm Europe/Readiness 2030 plan, which is intended to unlock more than €800 billion in defence investment across the bloc.
Andrius Kubilius, Commissioner for Defence and Space, said the payment would support Greece’s “key investments” and “shared European resilience and strategic responsibility”.
How SAFE is funded
The payment was made after all required procedural steps were completed, and further payments are due to follow as milestones and implementation requirements are met, the Commission said.
SAFE is financed by EU borrowing on financial markets, which allows the EU to offer member states loans structured over longer durations and priced based on the EU’s credit rating.
All loans will be repaid by the beneficiary member states.
