Bulgaria received today the first payment under the European Union's "Security Measures for Europe" (SAFE) instrument in the amount of €489.3 million. At the same time, Latvia received €524.7 million, the European Commission announced, quoted by BTA.
The amounts represent 15% of the total funding approved for the two countries - €3.3 billion for Bulgaria and €3.5 billion for Latvia, respectively.
SAFE is a financial instrument worth €150 billion, through which member states are provided with loans for defense investments. Its main focus is on the joint procurement of ammunition, missiles, air defence systems and ground combat systems manufactured in the EU.
The instrument is part of the European Commission's plan to re-arm Europe, which aims to mobilise over €800 billion for defence investment across the EU.
The pre-financing will allow Bulgaria to accelerate priority defence investments, strengthen its resilience and modernise its military capabilities in line with common European objectives.
"With these first SAFE payments, we are helping Bulgaria and Latvia to accelerate key defence investments, while strengthening their readiness and resilience. We are acting quickly and decisively to support the Member States on the EU's eastern flank," said Andrius Kubilius, Commissioner for Defence and Space.
SAFE allows Member States to invest faster, to organise public procurement more efficiently through joint actions and to strengthen the European defence industrial base, he added.
Further payments will be made as agreed milestones are met and the relevant investments progress.