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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Canada has received approval to join the EU SAFE defence funding programme, the leaders of both parties have declared that the measure comes in the context of which a large part of the West is in danger of Russian aggression, while the US withdraws from...
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 Joins EU Defense Fund, Follows Canadian Officials Calling to Diversify Purchases From US Defense Contractors
Already a subscriber? Make sure to log into your account before viewing this content. You can access your account by hitting the “login” button on the top right corner. Still unable to see the content after signing in? Make sure your card on file is up-to-date. Canada has officially agreed to join the European Union’s $175 billion SAFE defense fund in an effort to diversify its military partnerships and reduce reliance on the United States.…
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.
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