Greece has received the first payment of €118.2 million under the EU defense financial instrument Security Action for Europe (SAFE).

As Report's European bureau reports, citing the European Commission, this amounts to 15% of the total funding of €787.7 million allocated to Greece.

The funds will allow Greece to accelerate the implementation of priority defense projects and the modernization of its armed forces. SAFE finances joint procurement of EU-made ammunition, missiles, air defense systems, and land combat systems.

Asked to comment on reports about the possible partial use of SAFE funds to finance Greece’s purchase of Israeli air defense systems worth around €3.5 billion, European Commission spokesperson Thomas Regnier did not respond directly.

He merely recalled that under the program’s rules, at least 65% of the value of the products must come from European production, while up to 35% may be linked to third countries. “This once again confirms that, as in the technology sector, in the defense industry we are open to cooperation with partners who share our views,” Regnier said.

SAFE is a €150 billion loan instrument intended to finance joint procurement of weapons, including ammunition, missiles, air defense systems, and land combat equipment produced in the EU. The program is part of the ReArm Europe/Readiness 2030 plan to increase defense investment in the European Union.