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(Bloomberg) — European Union member states approved negotiations with Canada and the UK that would give them access to the bloc’s €150 billion ($178 billion) fund aimed at accelerating investment in the defense industry.
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The decision to begin talks on access to the Security Action for Europe program was unanimous, the European Council’s rotating presidency, currently held by Denmark, said on Wednesday.
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If agreed, the accords would allow British and Canadian companies to participate in common procurements financed by SAFE. Those will come on top of security and defense partnerships that the EU recently concluded with the two nations.
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The SAFE program is part of the EU’s effort to boost its defense readiness following Russia’s full-scale invasion of Ukraine in 2022, amid concerns President Donald Trump’s administration will scale back US security commitments in Europe. The funds are currently mainly available to companies from EU member states, with a special status given to Ukraine.
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Other non-EU states are also seeking to participate. Albanian Prime Minister Edi Rama, who country is seeking EU membership, told NATO Secretary General Mark Rutte in Brussels Wednesday that he wanted to discuss how his country could also access SAFE.
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Turkey and South Korea have also requested access to the loan fund. The European Commission, the EU’s executive arm, earlier this month adopted a tentative allocation of €150 billion in financial assistance.
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Poland and Denmark jointly account for almost two-thirds of the entire funding. Member states have until Nov. 30 to submit concrete projects for funding.
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