Cyprus Submits Interest Declaration for SAFE Regulation

The Republic of Cyprus will officially submit its declaration of interest for the Security Action for Europe (SAFE) regulation to the European Union. Minister of Defence, Vasilis Palmas, stated that the submission will occur today, with details regarding the amount, needs, and participation programs of Cyprus to be submitted on November 30.

The Ministry of Defence will collaborate with the Ministry of Finance to ensure that the loan requested does not 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 emphasized that the regulation creates conditions for the development of the defence industry within the EU and strengthens the defence capabilities of member states. He also referred to the war in Ukraine and threats from Russia, highlighting the need to strengthen defence.

The SAFE regulation concerns an amount of approximately €150 billion, with a special provision for the three largest EU countries (France, Germany, Italy). The loans received by member states burden their public debt, and Cyprus will ensure that its participation does not burden its public debt.