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 part of the European Commission’s ReArm...