US EditionCanada agrees to join EU initiative to surge defense spending
Canada joins EU's €150 billion Security Action for Europe program to access joint weapons purchases, low-interest loans, and expand defense markets amid rising geopolitical tensions.
- On Monday, Canada joined the EU's Security Action for Europe programme as the first non-EU participant, Prime Minister Mark Carney's office said.
- Prime Minister Mark Carney has pushed to diversify procurement after long U.S. reliance, prioritizing reducing Canada’s roughly 75 per cent dependence on U.S. military equipment.
- Canadian defence companies can bid on projects financed by the 150-billion euro SAFE fund, enabled by EU-backed loans and joint procurement mechanics, Mr. Carney said.
- The agreement coincides with Canada’s largest military spending rise in more than 70 years, and Mr. Carney said it will fill capability gaps, expand markets, and attract European investment.
- Ottawa has not disclosed the entrance fee and says fine-print talks continue as the EU's Nov. 30 deadline for initial loan bids passed yesterday, creating timing pressure for companies.
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This new European instrument, with a total budget of EUR 150 billion, aims to provide Member States with loans under favourable conditions for joint arms purchases.
Canada is expanding its cooperation with the European Union - also in the purchase of arms. US special envoy Witkoff talks to Kremlin chief Putin in Moscow.
Canada was the first non-EU country to join the European Security Action for Europe initiative, which will allow Ottawa to receive soft loans under EU safeguards for arms purchases.
Canada joins an EU programme for the procurement of arms, which is worth up to EUR 150 billion.
Canada participates in the EU Safe Programme for arms procurement and strengthens cooperation with the EU.
Canada Joins European Union Defense Fund
Canada has joined a major European Union defense fund, Prime Minister Mark Carney's office said Monday, as the country looks to diversify its military spending away from the US. The plan allows Canadian defense companies access to a 150 billion euro—$170 billion US—EU loan program, known as Security...
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