Greece and 17 other European Union member-states have submitted applications to join the EU’s new defense financing tool known as SAFE (Security Assistance for Europe), the European Commission announced Wednesday.
The program, launched in March 2025, allows member-states to access up to €150 billion in loans to boost their national defense spending.
Combined, the 18 countries – including France, Italy, Spain, Cyprus and Poland – have submitted proposals totaling €127 billion in potential defense procurements. States had until July 31 to express initial interest and will have four additional months to detail project types, partners and budgets. The official application deadline is November 30, 2025.
SAFE is the first pillar of the broader ReArm Europe plan, which aims to mobilize up to €800 billion to rebuild Europe’s defense capacity and industry. The fund supports joint procurement of weapons systems, cyber capabilities, and infrastructure.
Approved on May 27 by the Council, SAFE is backed by the EU budget. It allows greater fiscal flexibility through a stability pact exemption – activated for 15 member-states on July 8 – permitting defense spending beyond deficit limits through 2028. The program also opens participation to third countries such as Ukraine, EEA members, and candidate nations.
SAFE aims to close defense capability gaps, enhance industrial capacity, and strengthen interoperability within the EU and with NATO.
Additional ReArm Europe pillars involve using cohesion funds for defense and attracting private investment via the European Investment Bank.