The European Commission on Thursday approved the first disbursement of €118.2 million to Greece under the Security Action for Europe (SAFE) financial instrument, launching the implementation of the country’s approved defense investment plan.
The payment represents a 15% advance on the €787.7 million in long-term financing secured by Greece through the program.
European Commissioner for Defense and Space Andrius Kubilius said the initial payment demonstrated Europe’s commitment to strengthening both its collective security and its defense industrial base. He noted that SAFE is designed to bolster national military preparedness while enhancing the European Union’s overall resilience.
The funding is provided as a long-term loan on favorable terms rather than a grant, financed through the EU’s joint borrowing on international capital markets.
SAFE aims to accelerate defense investment across member states while promoting joint procurement and supporting Europe’s defense industry.
