The EU Council has launched an initiative that will support member states in their joint defense procurement loans.
The union’s Security Action for Europe (SAFE) program will finance member states’ urgent and large-scale investments in the European defense technological and industrial base.
An estimated 150 million euros ($169 million) will be disbursed to interested member states upon request and on the basis of national plans.
SAFE aims to boost production capacity, address existing capability gaps, and ensure that defense equipment is available when needed.
Priority defense equipment to be funded by the cause includes ammunition and missiles, artillery systems, maritime surface and underwater capabilities, and drones and anti-drone systems.
SAFE is part of the European Commission’s ReArm Europe Plan/Readiness 2030, which aims to leverage more than 800 billion euros ($903 million) in defense spending.
Funding Defense
The EU’s recent funding projects focus on bolstering security capabilities as a means to counter potential destabilization in and out of the union.
In March, the union pledged 20 million euros ($21.5 million) to equip Mauritania with mobile land surveillance capabilities and a second patrol boat.
The capabilities are expected to improve the country’s situational awareness on its national borders and help establish a stronger maritime presence.
That same month, it also pledged 60 million euros ($63 million) in defense assistance for Moldova through the European Peace Facility funding mechanism.
Moldova has encountered security threats amid the neighboring Russo-Ukrainian war, finding fragments of Russian military equipment used in battle.
