The European Commission is set to approve Portugal’s plan to secure 5.8 billion euros in favorable loans for defense investments on Wednesday.
Ursula von der Leyen, President of the European Commission, announced to select journalists in Brussels that they proposed the SAFE (Security Action for Europe Instrument) last year and are ready to approve half of the plans submitted by Member States this week.
Sources indicate that eight countries out of 18 applicants, including Portugal, Romania, Belgium, Bulgaria, Cyprus, Denmark, Spain, and Croatia, are expected to receive approval next Wednesday.
Introduced by the European Commission in March, SAFE aims to provide up to 150 billion euros in long-term loans at favorable rates to EU Member States for enhancing defense capabilities. These loans, which must be utilized by 2030, are intended for urgent and large-scale procurement efforts.
Portugal applied for 5.8 billion euros last November as part of its plan to re-equip its armed forces. Von der Leyen highlighted the rapid progress, calling it “impressive speed and a real success” to achieve this within a year of the SAFE proposal.
She noted that 2025 was a historic year for European defense, with more funding allocated than in the previous decade and advancements occurring at a quicker pace.
Addressing the ongoing war in Ukraine, which will enter its fourth year in February, von der Leyen emphasized that the primary defense is provided by the well-trained, combat-experienced, and equipped Ukrainian armed forces, alongside support from allied nations.
She remarked on the positive involvement of the United States in verification and monitoring, stating that the current security guarantees are substantial and well-defined.
Von der Leyen concluded that the peace plan and security guarantees stem from extensive negotiations and efforts by Ukrainians, the United States, Europe, and the Coalition of goodwill, urging Russia to demonstrate its interest in peace.
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