Defence Minister David McGuinty has announced that Canada is now a part of the European Union’s Security Action for Europe (SAFE) program, providing member states with loans to enhance defense capabilities. McGuinty emphasized that this agreement bolsters collective security, fosters essential defense capabilities, and allows Canadian industries to tap into European defense markets while contributing to European and Ukrainian security.
Canada’s official participation in SAFE comes shortly after Prime Minister Mark Carney inked a strategic defense and security partnership with the European Union, which included joining the SAFE initiative. Through SAFE, partner nations can access favorable loans for collaborative military equipment procurement, enabling Canadian firms to participate in these joint ventures.
The SAFE program, introduced by the EU in March, is a crucial component of Europe’s rearmament strategy amidst the ongoing conflict between Russia and Ukraine. The Council of the EU recently announced the initial round of financial support under SAFE, benefiting countries such as Belgium, Bulgaria, Cyprus, Denmark, Spain, Croatia, Portugal, and Romania. The upcoming wave of financial aid, expected to be approved next Tuesday, will extend assistance to Estonia, Greece, Italy, Latvia, Lithuania, Poland, Slovakia, and Finland.