Economy · Cyprus
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19 June
Questions arose regarding the projects, contractors, and oversight of funds following the SAFE payment.
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Cyprus has received its first payment of €177.2 million under the European Union's Security Action for Europe (SAFE) defense fund. This amount represents 15% of the total allocation of €1.2 billion approved for the country. The payment was confirmed by the European Commission and marks the beginning of funding disbursements to enhance Cyprus's defense capabilities.
The SAFE program, which has a total budget of €150 billion, is designed to provide finance to EU member states for the procurement of military equipment and strengthening of defense capabilities. The funds are aimed primarily at supporting joint purchases of munitions, missiles, and air defense systems among other military assets. The recent disbursement is intended to stimulate Cypriot defense initiatives in response to evolving security needs in the region.
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