Cyprus has become the sixth European Union member state to sign a loan agreement under the SAFE programme, following the formal signature of a €1.18 billion financing agreement between Cyprus and the European Commission.
The announcement was made by European Commissioner for Defence and Space, Andrius Kubilius (pictured above), on 1 June, who signed the agreement on behalf of the European Commission together with Budget Commissioner Piotr Serafin.
On behalf of Cyprus, the agreement was signed by Finance Minister, Makis Keravnos and the Head of the Public Debt Management Office, Chrysavgi Chrysostomou-Lapathioti.
In a social media post, Commissioner Kubilius described the agreement as “another member state firmly on track to strengthening European defence readiness.”
“Cyprus is already the sixth country to sign a SAFE agreement,” he noted. “Very soon, EU support will begin reaching Cyprus’ armed forces and defence industry.”
The SAFE programme's first phase will provide an overall €150 billion in competitively priced, long-maturity loans, and is part of the EU Commission's broader efforts to strengthen the Union’s defence capabilities and support investments in defence procurement and industrial capacity across member states.
(Source: CNA)
