European Commission President Ursula von der Leyen has announced that France will sign a funding agreement with the European Union next Wednesday under the SAFE European rearmament program, valued at over €15 billion.
Von der Leyen, during a press conference, emphasized that the agreement is part of European efforts to bolster the defense capabilities of member states and develop joint military industries. She noted that the commitments under the program have already exceeded €78 billion.
She explained that the new funding will support defense projects, including anti-drone systems, ammunition stockpile development, and enhancing Europe's military readiness in the face of rising security challenges.
The SAFE program is one of the most prominent defense initiatives launched by the European Union in recent years, providing up to €150 billion in long-term concessional loans to encourage joint military procurement and strengthen the European defense industrial base.
Observers note that the accelerated pace of joining the program reflects an increasing European trend towards boosting self-reliant defense capabilities amidst escalating security challenges and geopolitical changes facing the continent and the world.
The upcoming agreement with France also underscores the significant role Paris plays in joint European defense projects, as it is one of the largest military and industrial powers within the European Union.
The new funding is expected to expedite the implementation of military modernization programs and the development of defense technologies, enhancing Europe's ability to confront traditional and emerging threats in the coming years.