The European Council has approved a plan granting Italy approximately 14.9 billion euros for defense as part of a larger 150 billion euro loan program named SAFE, aimed at strengthening military capabilities across multiple EU nations.
The European Council has authorized a national plan allowing Italy to access approximately 14.9 billion euros as part of the SAFE (Safety Action For Europe) program, designed for defense enhancement. This funding will not impose restrictions on Italy’s stability pact. The initiative comes amidst a broader European strategy involving seven other member states, reflecting a unified commitment to defense amidst growing global security challenges.
In a statement from the Cypriot presidency of the European Council, it was highlighted that defense remains a top priority. The presidency is actively working to ensure the smooth and rapid implementation of the SAFE regulation. This approval paves the way for the provision of long-term loans at favorable rates from the European Commission, showcasing the EU’s dedication to bolstering its defense capabilities against emerging threats.
SAFE represents a new financial tool for the European Union, officially adopted on May 27, 2023, to facilitate military investments across member states. This initiative underscores a shift towards cooperative defense spending and preparedness within the EU, aiming to equip member countries with the necessary resources to address current and future security challenges.
