site.btaEU Council Clears Path for Financial Assistance to Strengthen Bulgaria's Defence Capabilities

The Council of the EU Wednesday said that the Foreign Affairs Council with defence ministers approved financial assistance under SAFE, available to eight EU Member States: Bulgaria, Belgium,  Cyprus, Denmark, Spain, Croatia, Portugal and Romania. The amount allocated for Bulgaria is up to nearly EUR 3.3 billion.

The decision follows the European Commission's positive assessment of the Member States' National Defence Investment Plans. It paves the way for the first wave of long-term loans to be released by the Commission, which enables the participating countries to acquire modern defence equipment, the Council said.

Last year, the European Commission confirmed it is prepared to support the rearmament of Europe with up to EUR 800 billion, of which EUR 150 billion is earmarked for joint procurement in the defence sector. Following Wednesday's decision, the Commission will conclude loan agreements with the Member States concerned. The pre-financing payments are expected to be disbursed in a month's time.