Brussels - Saba:
The European Commission announced on Friday that 18 EU countries have expressed interest in the loan mechanism to finance military purchases through the "SAFE" mechanism, worth up to €127 billion.
The Commission confirmed that this initial expression of interest will allow preparations for fundraising operations on capital markets, but the countries concerned are still required to submit formal applications, in a procedure that remains open until November 30.
The countries concerned include Belgium, Bulgaria, the Czech Republic, Estonia, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Hungary, Poland, Portugal, Romania, Slovakia, and Finland.
In a statement issued by the Commission, EU Commissioner for Defense Andrius Kubilius said that the EU remains committed to supporting the efforts of member states to strengthen European security.
The Action for European Security (SAFE) program is part of the European arsenal aimed at encouraging joint arms procurement. This mechanism allows for the collection of up to €150 billion from capital markets to accelerate and facilitate investments in the defense sector.
The SAFE program was integrated into a broader plan presented by the European Commission in March, entitled "Rearming Europe," which aims to increase defense spending to €800 billion by 2030.
While the primary goal is to support the European defense industry by strengthening sovereignty and reducing dependence on the US market as much as possible, it is not certain that these measures will be sufficient to direct procurement toward equipment produced exclusively within Europe.
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