Politis

EU Approves €1.18 Billion Funding Boost for Cypriot Defense

Published February 11, 2026, 17:23
EU Approves €1.18 Billion Funding Boost for Cypriot Defense

The EU Council has approved the allocation of €1.18 billion to boost defense production in eight member states, including Cyprus, through the SAFE mechanism. Cyprus will receive initial funding of €177.2 million. Simultaneously, a second package of funding has been approved for another eight member states, with Greece requesting €787.7 million. This approval is part of the EU's effort to strengthen defense and security. Furthermore, the Council approved an agreement with Canada, allowing Canadian companies to participate in public contracts under the SAFE framework, making Canada the first non-European country to join the program.