Latest news with #SecurityandDefencePartnership
Yahoo
27-05-2025
- Business
- Yahoo
EU ministers approve new 150 billion-euro arms fund
By Andrew Gray BRUSSELS (Reuters) -The European Union on Tuesday approved the creation of a 150 billion-euro ($170.7 billion) EU arms fund, driven by fears of a Russian attack in the coming years and doubts about U.S. security commitments to the continent. The approval, by ministers from EU countries meeting in Brussels, was the final legal step in setting up the Security Action for Europe (SAFE) scheme, using joint EU borrowing to give loans to European countries for joint defence projects. The measure was backed by 26 of the EU's 27 member countries, with Hungary abstaining, diplomats said. "We adopted SAFE – first large-scale defence investment programme on the EU level," Poland, which holds the EU's rotating presidency, said on X. "The more we invest in our security, the better we deter those who wish us harm." The European Commission, the EU's executive body, proposed the fund in March as fears grew among European leaders that they could not be sure that U.S. President Donald Trump's administration would defend them from attack. Alarmed by Russia's 2022 invasion of Ukraine and fearing they could be Moscow's next target, EU countries have already increased defence spending by more than 30% in the past three years. But EU leaders say that is not enough. Moscow has condemned the EU's rearmament push as an incitement to war based on an "invented story" of a Russian threat. Such words have not reassured European leaders, as Russia made similar statements before the full-scale invasion of Ukraine. The EU initiative seeks to break down national barriers by financing joint projects between EU countries and includes a strong "buy European" element as it aims to boost the continent's defence industry. For a project to qualify for SAFE funding, 65% of its value must come from companies based in the EU, the broader European Economic Area, or Ukraine. However, companies from countries that have signed a Security and Defence Partnership with the EU can also be eligible, if they meet further conditions. Britain signed such an agreement with the EU earlier this month, bringing British companies such as BAE Systems a step closer to participation in SAFE projects. The Commission used a fast-track procedure to launch the legislation, bypassing the European Parliament and only requiring the approval of EU governments. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
EU ministers approve new 150 billion-euro arms fund
By Andrew Gray BRUSSELS (Reuters) -The European Union on Tuesday approved the creation of a 150 billion-euro ($170.7 billion) EU arms fund, driven by fears of a Russian attack in the coming years and doubts about U.S. security commitments to the continent. The approval, by ministers from EU countries meeting in Brussels, was the final legal step in setting up the Security Action for Europe (SAFE) scheme, using joint EU borrowing to give loans to European countries for joint defence projects. The measure was backed by 26 of the EU's 27 member countries, with Hungary abstaining, diplomats said. "We adopted SAFE – first large-scale defence investment programme on the EU level," Poland, which holds the EU's rotating presidency, said on X. "The more we invest in our security, the better we deter those who wish us harm." The European Commission, the EU's executive body, proposed the fund in March as fears grew among European leaders that they could not be sure that U.S. President Donald Trump's administration would defend them from attack. Alarmed by Russia's 2022 invasion of Ukraine and fearing they could be Moscow's next target, EU countries have already increased defence spending by more than 30% in the past three years. But EU leaders say that is not enough. Moscow has condemned the EU's rearmament push as an incitement to war based on an "invented story" of a Russian threat. Such words have not reassured European leaders, as Russia made similar statements before the full-scale invasion of Ukraine. The EU initiative seeks to break down national barriers by financing joint projects between EU countries and includes a strong "buy European" element as it aims to boost the continent's defence industry. For a project to qualify for SAFE funding, 65% of its value must come from companies based in the EU, the broader European Economic Area, or Ukraine. However, companies from countries that have signed a Security and Defence Partnership with the EU can also be eligible, if they meet further conditions. Britain signed such an agreement with the EU earlier this month, bringing British companies such as BAE Systems a step closer to participation in SAFE projects. The Commission used a fast-track procedure to launch the legislation, bypassing the European Parliament and only requiring the approval of EU governments.
Reuters
27-05-2025
- Business
- Reuters
EU ministers approve new 150 bln-euro arms fund
BRUSSELS, May 27 (Reuters) - The European Union on Tuesday approved the creation of a 150 billion-euro ($170.7 billion) EU arms fund, driven by fears of a Russian attack in the coming years and doubts about U.S. security commitments to the continent. The approval, by ministers from EU countries meeting in Brussels, was the final legal step in setting up the Security Action for Europe (SAFE) scheme, using joint EU borrowing to give loans to European countries for joint defence projects. The measure was backed by 26 of the EU's 27 member countries, with Hungary abstaining, diplomats said. "We adopted SAFE – first large-scale defence investment programme on the EU level," Poland, which holds the EU's rotating presidency, said on X. "The more we invest in our security, the better we deter those who wish us harm." The European Commission, the EU's executive body, proposed the fund in March as fears grew among European leaders that they could not be sure that U.S. President Donald Trump's administration would defend them from attack. Alarmed by Russia's 2022 invasion of Ukraine and fearing they could be Moscow's next target, EU countries have already increased defence spending by more than 30% in the past three years. But EU leaders say that is not enough. Moscow has condemned the EU's rearmament push as an incitement to war based on an "invented story" of a Russian threat. Such words have not reassured European leaders, as Russia made similar statements before the full-scale invasion of Ukraine. The EU initiative seeks to break down national barriers by financing joint projects between EU countries and includes a strong "buy European" element as it aims to boost the continent's defence industry. For a project to qualify for SAFE funding, 65% of its value must come from companies based in the EU, the broader European Economic Area, or Ukraine. However, companies from countries that have signed a Security and Defence Partnership with the EU can also be eligible, if they meet further conditions. Britain signed such an agreement with the EU earlier this month, bringing British companies such as BAE Systems (BAES.L), opens new tab a step closer to participation in SAFE projects. The Commission used a fast-track procedure to launch the legislation, bypassing the European Parliament and only requiring the approval of EU governments.
Hindustan Times
27-05-2025
- Business
- Hindustan Times
EU ministers approve new 150 billion-euro arms fund
BRUSSELS -The European Union on Tuesday approved the creation of a 150 billion-euro EU arms fund, driven by fears of a Russian attack in the coming years and doubts about U.S. security commitments to the continent. The approval, by ministers from EU countries meeting in Brussels, was the final legal step in setting up the Security Action for Europe scheme, using joint EU borrowing to give loans to European countries for joint defence projects. The measure was backed by 26 of the EU's 27 member countries, with Hungary abstaining, diplomats said. "We adopted SAFE – first large-scale defence investment programme on the EU level," Poland, which holds the EU's rotating presidency, said on X. "The more we invest in our security, the better we deter those who wish us harm." The European Commission, the EU's executive body, proposed the fund in March as fears grew among European leaders that they could not be sure that U.S. President Donald Trump's administration would defend them from attack. Alarmed by Russia's 2022 invasion of Ukraine and fearing they could be Moscow's next target, EU countries have already increased defence spending by more than 30% in the past three years. But EU leaders say that is not enough. Moscow has condemned the EU's rearmament push as an incitement to war based on an "invented story" of a Russian threat. Such words have not reassured European leaders, as Russia made similar statements before the full-scale invasion of Ukraine. The EU initiative seeks to break down national barriers by financing joint projects between EU countries and includes a strong "buy European" element as it aims to boost the continent's defence industry. For a project to qualify for SAFE funding, 65% of its value must come from companies based in the EU, the broader European Economic Area, or Ukraine. However, companies from countries that have signed a Security and Defence Partnership with the EU can also be eligible, if they meet further conditions. Britain signed such an agreement with the EU earlier this month, bringing British companies such as BAE Systems a step closer to participation in SAFE projects. The Commission used a fast-track procedure to launch the legislation, bypassing the European Parliament and only requiring the approval of EU governments.
Spectator
22-05-2025
- Business
- Spectator
Could the EU sideline Britain in its defence loan scheme?
The Security and Defence Partnership which the government agreed with the European Union this week has had more spin applied to it than a thousand cricket balls. The central argument in its favour, apart from vacuous reiki-like attempts to change the 'mood' of relations with the EU, was that it would allow the UK defence sector to engage with the Security Action for Europe (SAFE) loan instrument providing €150 billion (£127 billion) for defence procurement over the next five years. It does not do that. You would be hard pressed to realise that the partnership has not succeeded in what many saw as its central purpose. Weasel words came in a pack, and some commentators were openly untruthful, but the 'ambitious' deal says only that 'possibilities for establishing an administrative arrangement between the UK and the European Defence Agency (EDA) will… be explored'. The most positive official statement of the whole summit was a single sentence in the 'Common
