EU's SAFE Initiative: Strengthening European Defences
The European Union has tentatively agreed on the Security Action for Europe (SAFE) proposal, a 150 billion euro fund designed to enhance Europe’s defence capabilities. This plan will provide loans to EU countries and others like Ukraine, aiming to bolster defence and the arms industry through joint borrowing.
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The European Union has reached a preliminary consensus on the ambitious Security Action for Europe (SAFE) proposal, which is set to unleash a 150 billion euro war chest to fortify Europe's defence infrastructure, according to an EU diplomat.
Conceived by the European Commission, the plan envisages financing through joint borrowing. It aims to offer loans not just to EU member nations but also to strategic partners such as Ukraine. These funds are poised to strengthen defence projects and invigorate Europe's arms industry.
The agreement marks a significant step in collective EU defence efforts, addressing security challenges in the region. As part of this strategy, European countries and allies would gain refreshed resources to face geopolitical tensions.
(With inputs from agencies.)
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