Greece has received its first payment under the European Union’s Security Action for Europe (SAFE) defence financing programme, with €118.2 million transferred on July 23 as the bloc continues to accelerate joint defence procurement and military modernisation.
The payment represents approximately 15% of Greece’s total SAFE allocation of €787.7 million and is intended to support priority defence projects while strengthening the country’s military readiness.
SAFE is a €150 billion European Union loan instrument established to finance defence investments, with a primary focus on the joint procurement of ammunition, missiles, air defence systems and ground combat equipment. The programme forms part of the European Commission’s broader ReArm Europe/Readiness 2030 initiative, which aims to mobilize more than €800 billion in defence investment across the European Union.
According to the European Commission, the initial disbursement will help Greece accelerate key defence procurement programmes while enhancing national resilience. SAFE is also designed to improve military interoperability among EU member states and strengthen Europe’s defence industrial base through coordinated procurement.
“Today’s first payment to Greece under SAFE is a clear sign that Europe delivers where it matters most: strengthening our common security and supporting our defence industrial base. By helping Greece move forward with key investments, SAFE reinforces not only national preparedness, but also our shared European resilience and strategic responsibility,” European Commissioner for Defence and Space Andrius Kubilius said.
The payment follows the completion of the administrative procedures required under the SAFE framework. Additional disbursements are expected as Greece meets agreed implementation milestones.
The SAFE programme is financed through European Union borrowing on international financial markets, enabling the bloc to provide long-term loans at competitive interest rates backed by its strong credit rating. While the EU raises the financing, participating member states remain responsible for repaying the loans.
The initiative seeks to boost European defence production, encourage cross-border industrial cooperation and support joint procurement among member states.
For Greece, the first €118.2 million payment marks the beginning of access to the country’s full €787.7 million SAFE financing package, which will support future defence investment and capability development.