Cyprus receives first €177.2m payment under EU’s SAFE defence fund

Economy DefenceeuEuropean UnionTop News Cyprus receives first €177.2m payment under EU’s SAFE defence fund Cyprus Receives First €177.2m Payment Under Eu's Safe Defence Fund Relevant News Cyprus receives first €177.2m payment under EU’s SAFE defence fund 18 June 2026 On this day: Sally Ride became the first American woman to fly in space in 1983 18 June 2026 Code yellow and National Heat Plan in effect across the Netherlands due to intense heat 18 June 2026 Newsroom 18 June 2026 FacebookXWhatsAppEmailPrintViber Cyprus today received its first payment of 177.2 million euros under the EU’s Security Action for Europe (SAFE) defence financing instrument, an amount equivalent to 15% of its total allocation of 1.2 billion euros. SAFE is a 150 billion euro financing instrument that provides loans to member states. It mainly funds joint procurement of ammunition, missiles, air defence systems and land combat systems produced within the European Union. It forms part of the European Commission’s ReArm Europe/Readiness 2030 plan, which aims to mobilise more than 800 billion euros in defence investment across the EU. The pre-financing will allow Cyprus to advance key defence investments, strengthen its resilience and upgrade its military capabilities in line with shared European goals. SAFE is designed to enable rapid, coordinated action, improve the interoperability of European armed forces, and strengthen the European defence industry, including through joint procurement and closer cross-border cooperation. Andrius Kubilius, the EU Commissioner for Defence and Space, said today’s pre-financing for Cyprus under SAFE demonstrates Europe’s commitment to strengthening shared security and defence. He said the support would help Cyprus invest more quickly in the capabilities it needs, while contributing to shared European goals for a stronger, more resilient and more interconnected defence industry. SAFE, he said, is about solidarity, readiness and ensuring member states can respond together to Europe’s security needs. The payment follows the completion of all required procedural steps and reflects the EU’s commitment to provide timely and substantive support through SAFE. Further payments will follow as agreed milestones are met and implementation of the relevant actions progresses. SAFE is financed through EU borrowing on financial markets. This allows long-term loans to be granted to member states that submit a request, on competitive terms with an attractive financing structure. The terms of SAFE loans benefit from the EU’s strong credit rating. All SAFE loans will be repaid by the member states that receive them. Subscribe to our Newsletter Latest News On this day: Sally Ride became the first American woman to fly in space in 1983 Code yellow and National Heat Plan in effect across the Netherlands due to intense heat Cyfield loses appeal over Nicosia centre redevelopment tender “George Pol. Georghiou – Timeless Cyprus” exhibition inaugurated in London Truck overturns in Nicosia’s Lakatamia industrial area (photos) Cured meats lead May price rises across Cyprus Man, 27, dies after car yard break-in and Nicosia crash Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.