Greece has secured formal approval from the Council of the European Union to participate in the SAFE (Security Action for Europe) defense loan instrument, gaining access to long term EU backed financing for military and security programs.
EU finance ministers confirmed the decision at the latest Ecofin meeting. Greece joins a newly approved group of eight national defense investment plans that also includes Italy, Poland, Estonia, Latvia, Lithuania, Slovakia, and Finland. Together, these eight programs total €74 billion ($87 billion), or nearly half of the SAFE facility’s overall €150 billion ($177 billion) lending capacity.
Greek funding already includes about €788 million ($933 million) approved since September under earlier related decisions. Additional disbursements are expected as the SAFE mechanism moves into its next phase.
How Greece will receive SAFE defence funds
After Council approval, the European Commission may now issue the first loan disbursements, covering up to 15 percent of each country’s authorized envelope. Member states will receive further installments after they submit progress reports and verify implementation of defense projects.
Current planning sets March as the target window for the first SAFE payouts. The financing model provides predictable, lower cost, long maturity loans for defense procurement and industrial investment.
Council representatives say the decisions aim to speed up access to affordable funding and show that EU level defense financing can move quickly when needed.
Other countries approved in the latest round
In the same approval round, ministers cleared seven additional countries alongside Greece: Italy, Poland, Estonia, Latvia, Lithuania, Slovakia, and Finland. Poland ranks as the largest single beneficiary in this group, with expected financing above €43 billion ($50 billion).
One week earlier, EU defense ministers approved a separate package covering Cyprus, Spain, Bulgaria, Belgium, Portugal, Croatia, Denmark, and Romania, with plans worth a combined €38 billion ($45 billion).
SAFE program expands as demand grows
So far, nineteen of the EU’s twenty seven member states have declared interest in SAFE participation. The European Commission is still reviewing three national plans from France, Hungary, and the Czech Republic. The Council must approve those proposals before any funding can move forward.
The SAFE program supports European defense readiness by improving interoperability, lowering procurement costs, and giving the defense industry more predictable long term demand. The framework also allows participation by Ukraine, certain European Economic Area partners, candidate countries, and states that hold EU security and defense agreements.
Demand has already exceeded the €150 billion ($177 billion) envelope. EU leadership has therefore started examining a second SAFE lending round, and Greece has expressed support for that expansion.