Cyprus Submits Interest in EU's SAFE Plan

The Republic of Cyprus has officially submitted its declaration of interest to participate in the EU's Security Action for Europe (SAFE) regulation, according to Defense Minister Vassilis Palmas.

On November 30, details regarding the amount, needs, and programs for Cyprus' participation will be submitted. The Ministry of Defense will coordinate with the Ministry of Finance to determine the loan amount so as not to burden the public debt.

The SAFE regulation allows EU member states to draw low-interest loans from the European Investment Bank to purchase equipment programs. Mr. Palmas noted that this development creates conditions for the development of the defense industry in the EU and strengthens the defense capabilities of member states.

The regulation concerns an amount of approximately €150 billion. There is a provision according to which France, Germany and Italy can draw 60% of this amount.

The Minister stated that on November 30, details regarding the amount and needs of Cyprus, as well as the programs for participation in the regulation, will be submitted.