US EditionPhilippines Eyes Swedish-Backed Export Credit Framework
- Sweden's government gained unanimous parliamentary support on Thursday for a 300 billion kronor defence spending boost over the next decade.
- This decision followed Sweden's Nato membership last March, prompted by Russia's 2022 full invasion of Ukraine and a shift from military non-alignment.
- Meanwhile, the Philippines is exploring support from the Swedish Export Credit System to back its defense sector through a recent Department of Finance workshop with Swedish firms.
- The Swedish credit system provides export financing options that can cover the full cost, feature extended repayment durations, and include guarantees supported by Sweden’s top-tier AAA credit rating.
- These developments suggest deepening Sweden-Philippines ties in defense and trade while Sweden pursues major security investments amid rising geopolitical tensions.
12 Articles
12 Articles
All Swedish parties back 300 billion kronor boost to defence spending
Sweden's government said on Thursday it had gained the support of all parties in parliament for a massive boost in defence spending, as the United States pressures Europe to take more responsibility for security.
Sweden stands out as a country in Europe when it comes to the united effort to upgrade its defense, according to Kjell Engelbrekt, political scientist at the Swedish National Defense University. “It is a strength in the defense context,” he tells TT.
All parties in the Riksdag support a historic upgrade of the Swedish defense. In total, an additional 300 billion kronor will be invested.
Sweden to Ramp Up Defence Spending to 3.5% of GDP
Sweden will borrow 300 billion kronor (€27 billion) under a plan agreed by the government and opposition on Thursday, June 19th, securing funding for rearmament and ensuring NATO’s newest member will reach a spending target of 3.5% of GDP on the military by 2032. The bulk of the money—250 billion kronor—will go to the military with 50 billion to be spent on civil defence and infrastructure. “We are doing this so our children and our grandchildre…
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