Cyprus Submits Interest Declaration for SAFE Regulation

The Republic of Cyprus will officially submit its declaration of interest for the SAFE regulation to the European Union committee, as stated by the Minister of Defence, Vasilis Palmas.

On November 30th, details regarding the amount, needs, and participation programs of Cyprus will be submitted. The Ministry of Defence will coordinate with the Ministry of Finance to ensure the loan does not burden the public debt.

The Security Action for Europe (SAFE) regulation allows EU member states to draw low-interest loans from the European Investment Bank for defence 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, given the threats arising from the war in Ukraine and Russia.

The regulation concerns approximately €150 billion, with a provision that the three largest EU countries can draw 60% of this amount.