Cyprus and the European Commission sign 1.18 billion euro SAFE agreement

On Monday, the European Commission and Cyprus signed a loan agreement under the Supporting Ammunition Production (SAFE) program. The agreement, valued at 1.18 billion euros, aims to enhance defense readiness and industry capabilities. Representing the European Commission were Commissioner for Defense Andrius Kubilius and Commissioner for Budget Piotr Serafin. On behalf of Cyprus, the deal was signed by Minister of Finance Makis Keravnos and the Head of the Public Debt Management Office, Chrysavgi Chrysostomou-Lapioti. Cyprus is the sixth European Union member state to join this specific financing initiative. According to Commissioner Kubilius, funds will be allocated to support the armed forces and the national defense industry. The agreement is part of a broader effort to strengthen collective security within the European Union.