By Ahmet Gencturk
ATHENS (AA) – Greece will seek a €1.2 billion ($1.4 billion) defense loan under the EU’s plan to boost defense production and joint procurement among member states, the country’s premier said Monday.
Greece will submit the proposal to join the Security Action for Europe (SAFE) scheme, seeking at least €1.2 billion in low-interest loans to strengthen national defense and support its defense industry, Kyriakos Mitsotakis said on Facebook.
Saying that the defense and security of the homeland remain national priorities, he added: “This is why our government continues to enhance the deterrent strength and operational capacity of the armed forces with planning, seriousness, and strategic responsibility.”
Mitsotakis underlined that the new resources would support the country’s 12-year defense armaments program, from 2025 to 2036, which aims to upgrade various weapon systems and expand domestic defense production.
SAFE is a €150 billion financial instrument to boost defense production and joint procurement among EU member states.
Funded by EU borrowing, it offers competitively priced, long-term loans to support collaborative defense projects, focusing on priority areas like ammunition, drones, and air defense systems. At least 65% of weapon system components must originate from the EU, Ukraine, or EEA/EFTA countries.
SAFE also allows limited participation from third countries under bilateral agreements, aiming to enhance EU defense readiness and support Ukraine.