Greece receives first €118M payment under EU defense fund

Greece has received its first payment of €118.2 million under Security Action for Europe, SAFE, the European Union's defense financing instrument, Report's European bureau informs, citing the European Commission.

The amount represents 15% of the total €787.7 million in funding allocated for Greece.

The funds will allow Greece to accelerate the implementation of priority defense projects and the modernization of its armed forces.

SAFE finances the joint procurement of EU-made ammunition, missiles, air defense systems and ground combat systems.