Cyprus takes receipt of first Safe programme payment

Cyprus takes receipt of first Safe programme payment

Cyprus on Friday took receipt of its first payment under the European Union’s Security Action for Europe (Safe) defence procurement programme, with a total of €177.2 million being disbursed to the island’s government. The disbursement amounts to 15 per cent of Cyprus’ total allocation of just shy of €1.2 billion, with the European Commission saying that the funds will “enable Cyprus to advance key defence investments, reinforce resilience, and u…

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

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…