The Member States of the European Union formally approve the creation of a loan programme called "European Security Action", with a total volume of €150 billion. The programme is designed to support Member States' investments in key defence areas, including air defence, unmanned aerial vehicles and strategic capacity building.
The European Commission welcomed the move, saying that the measures will significantly strengthen the resilience of European defence and its strategic autonomy. The programme is one of the main pillars of the "Rearm EU" plan presented by European Commission President Ursula von der Leyen. The aim is to use capital markets as a financial lever to support Member States' defence investments.
Loan funds will be allocated on the basis of national defence investment plans submitted by Member States. Priority will be given to international cooperation projects and joint contracts with high integration potential. Member States must submit their preliminary national plans within six months of the entry into force of the Regulation. The European Commission will evaluate these plans and conclude loan agreements on the basis of them.
The first tranche of funding could be released as early as 2025, with all loans to be disbursed by 31 December 2030.
The "Rearm Europe" plan was presented by Ursula von der Leyen in March this year. The aim is to mobilise up to €800 billion to create a "secure and resilient Europe". The plan also includes the provision of €150 billion to EU member states in the form of loans for defence investments, as well as assistance with coordinating needs and joint purchases of military equipment. The plan is also intended to allow member states to invest in Ukraine's defence industry or directly purchase military equipment to support Ukraine.
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