BRUSSELS, May 21. /TASS/. EU ambassadors have approved a plan under which the bloc will take out 150 billion euros in loans to boost Europe’s military capabilities, the Polish presidency of the Council of the European Union said in a post on X.
"Agreement on SAFE. The more we invest in equipping our armies, the better we will deter those who wish us harm," the post reads.
Next, the plan, titled Security Action for Europe (SAFE), must be greenlighted by the EU foreign ministers before submission to the European Parliament. The funds will be managed by the European Commission which will therefore get an expanded mandate. For the first time ever, the EU’s executive arm will be able to distribute defense orders at its own discretion and use the loans to buy military hardware, drones, and logistical assets.
Earlier, European business leaders claimed that, in its weapons purchases, Brussels is taking the same approach it used in 2020-2021, when the European Commission purchased billions of euros worth of COVID vaccines. Since 2023, EU countries have had to dispose of large stockpiles of expired vaccines.