European Commission approves €5.4B loan for Hungary under SAFE

The European Commission has approved the allocation of a 5.4 billion euro loan to Hungary under the SAFE defense program, completing the approval of national plans within the initial round of the program, Report informs, citing European Commission spokesperson Thomas Regnier at a briefing in Brussels.

"The Commission has just this morning approved the last and remaining SAFE plan, which is the Hungarian one," Regnier said. Hungary's plan must now receive approval from the EU Council.

According to the European Commission spokesperson, following the approval of all national plans, the final volume of undistributed SAFE funds has become known - just under 21 billion euros.

The European Commission intends to conduct a new survey of EU member states' interest in receiving additional loans. The entire process should be completed by the end of the year, Regnier noted.

At the same time, the opportunity to apply for the remaining funds will be open to all EU countries, including those that did not participate in the initial round.

The SAFE (Security Action for Europe) program provides up to 150 billion euros in loans for joint defense procurement and strengthening the defense-industrial potential of European Union countries.