Greece submitted its binding proposal for its participation in the SAFE mechanism based on the needs of the Greek Armed Forces (National Investment Plan) amounting to 2.8 billion euros, in accordance with a decision of the National Council for Strategic Investments.
The amount of 2.8 billion euros is divided into 1.24 billion euros, which is the amount of loans claimed by Greece through SAFE, despite the fact that the European Commission in its indicative ranking in autumn 2025 had placed Greece in 18th place out of a total of 19 countries, allocating to it the amount of 787 million euros. The remaining amount totals 1.6 billion euros and concerns defense needs that have been planned to be financed through the SAFE, but are included in the SAFE due to specific advantages. They concern the elimination of VAT, the securing of better final prices, the achievement of economies of scale, and the possibility of faster procedures.
As reported in “N”, Greece has the possibility to obtain final approval from Europe only for the 787 million euros that it has already pre-approved, to obtain approval in total for 1.24 billion euros, to obtain approval for an even larger amount depending on the final distribution of SAFE resources – loans per country, which total 150 billion euros and depending on the fiscal space of each country, including Greece. In September 2025, the Commission had issued the Tentative Budget Allocation which determined the amount at 787 million euros. On November 30, 2025, states can request and a larger amount than what was initially allocated to them is not prohibited anywhere.
The Commission will examine their request and judge accordingly. Obviously, for a state to receive more than what was allocated to it, the condition is that another state does not utilize the amount allocated to it. In case a large amount remains unutilized, e.g. 5 -10 or more billion, then a 2nd round will be held, towards the end of 2026. It is also understood that projects that exist in the National Investment Fund can be included. These projects have the advantage of being more mature, for example, the problem of finding fiscal space has been resolved.
As executives in the field emphasized to “N”, the goal is to implement only contracts that will ensure the participation of at least 25% for Greek defense companies. SAFE is a mechanism for low-interest loans for long-term defense procurement and its goal is to create a European pool of products, solutions and companies in which Greek companies will also participate, provided they are selected based on the suitability of the product and the needs of the Armed Forces of each state but also overall in the context of European defense needs. In the final stage of selecting transnational programs, the defense benefit in relation to price as well as the lead nation in transnational joint ventures will play an important role.
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