Greece to seek €1.2bil loans under EU's defence fund
ATHENS : Greece will seek to access a big European defence fund to secure cheap loans worth at least €1.2 billion to boost its military capabilities, prime minister Kyriakos Mitsotakis said on Monday.
EU countries have agreed to create a €150 billion fund, known as Security Action for Europe (SAFE), which will be financed through joint borrowing and give loans to EU members and certain other countries such as Ukraine for projects that enhance their defences and boost Europe's arms industry.
'We will put in an official request tomorrow to be included in the SAFE mechanism, seeking low-interest loans worth at least €1.2 billion to boost our national defence and the Greek arms industry,' Mitsotakis said in a post on Facebook.
Greece is spending about 3% of its gross domestic product on defence – nearly double the average in the EU – but has been looking for funds to finance a €25 billion plan to modernise its armed forces by 2030, as it tries to keep pace with its eastern neighbour and historical rival Turkey.
Mitsotakis also called on Europe to set up a joint fund to finance a unified continent-wide anti-missile defence shield.
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