The European Commission has signed a loan agreement with Cyprus under the SAFE programme worth €1.18 billion, Defence Commissioner Andrius Kubilius announced on Monday.
The agreement was signed on the Commission's side by Kubilius alongside Budget Commissioner Piotr Serafin. Cyprus was represented by Finance Minister Makis Keravnos and the head of the Public Debt Management Office, Chrysavgi Chrysostomou-Lapathioti.
"Another member state firmly on track toward strengthening European defence readiness," Kubilius wrote on social media. "Cyprus is already the sixth country to sign a SAFE agreement. Very soon, EU support will start reaching Cyprus's armed forces and industry."
The SAFE programme, part of the EU's broader push to rearm and strengthen collective defence capabilities, provides member states with favourable loans to fund military procurement and defence industry investment.
No time to wait!
— Andrius Kubilius (@KubiliusA) June 1, 2026
One more country on the firm trajectory to increase European defence readiness!
Cyprus 🇨🇾 is already the 6th country to sign a SAFE agreement. Very soon EU support will start reaching Cyprus' military and industry. pic.twitter.com/gaVkz26OCZ
