Canada has completed negotiations on participation in the Security Action for Europe (SAFE) program and will become the first non-European country to participate in this initiative, Canadian Prime Minister Mark Carney announced.
"Canada will soon become the first non-European country to participate in the SAFE program, an initiative that will help us build our defense capabilities more quickly. This is a huge win for Canadian workers, businesses, and our armed forces—new contracts, new markets for Canadian defense manufacturing, and access to new equipment for our military," Carney wrote on social media.
The Canadian government has indicated that Canada's official participation in SAFE is expected to begin in the coming weeks. "In a dangerous and divided world, Canada and Europe are strengthening our defense partnerships to quickly procure new equipment and technologies, accelerate the achievement of NATO goals, and create tremendous opportunities for our defense manufacturers. Canada's participation in SAFE will fill key capability gaps, expand markets for Canadian suppliers, and attract European defense investment to Canada," the government press service quoted the prime minister as saying.
The SAFE (Security Actions for Europe) program offers a preferential 10-year repayment period and low interest rates and allows contracts to be concluded with partners outside the EU (Norway, the United Kingdom, Turkey, etc.). This joint borrowing mechanism, supported by the EU budget, was created to accelerate the build-up of European countries' defense capabilities in response to increased threats from Russia.