The Council of the European Union has approved a package of decisions on providing financial assistance to eight countries under the SAFE instrument, including Cyprus. We are talking about supporting national defense investments through long-term EU loans. Cyprus has approved a total amount of financing in the amount of €1,181,503,924, with the first tranche amounting to €177,225,588,60. The funds will be used to modernize defense production and purchase modern equipment. The decision was made after a positive assessment by the European Commission of the national plans of the participating countries.

The second package, which is to be finalized on February 17, includes Estonia, Greece, Italy, Latvia, Lithuania, Poland, Slovakia and Finland. In particular, Greece has requested almost €788 million through SAFE, of which the first payment will amount to more than €118 million.