SAFE: Council adopts €150 billion boost for joint procurement on European security and defence

The Council has adopted today a regulation setting up the Security Action for Europe (SAFE) instrument. SAFE is a new EU financial instrument that will support those member states that wish to invest in defence industrial production through common procurement, focusing on priority capabilities. SAFE will finance urgent and large-scale investments in the European defence technological and industrial base (EDTIB). The aim is to boost production capacity, making sure defence equipment is available when needed, and to address existing capability gaps - ultimately strengthening the EU’s overall defence readiness. Furthermore, SAFE will allow the EU to further support Ukraine by associating its defence industry to the instrument from the start.“We have adopted the first large-scale defence investment programme on the EU level worth €150 billion. This is not only a success of the presidency, but of the EU as a whole. This is unprecedented instrument which will boost our defence capabilities and support our defence industry. The more we invest in our security and defence, the better we deter those who wish us harm”. Adam Szłapka - Polish Minister for the European Union Functioning of SAFEThrough SAFE the EU will provide up to €150 billion that will be disbursed to interested member states upon demand, and on the basis of national plans. The disbursements will take the form of competitively priced long-maturity loans, to be repaid by the beneficiary member states. To ensure economies...