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Defense Minister David McGuinty said Canada has now officially joined the European Union’s Security Action for Europe (SAFE) program, which provides loans to member states to invest in defense capabilities.
“The agreement will strengthen our collective security, develop key defense capabilities, give Canadian industry access to European defense markets and contribute to the security of Europe and Ukraine,” McGuinty said in a statement to CBC News.
The official accession comes less than a year after Prime Minister Mark Carney A strategic defense and security partnership was signed including SAFE integration with the European Union.
The SAFE program allows partner countries to obtain low-interest loans for the purchase of military equipment and weapons. It also allows Canadian companies to compete on those joint projects.
The program was announced by the European Union in March and is part of a European effort to counter Russia’s war with Ukraine.
On Wednesday, the EU Council approved the first financial aid under the CFA to go to Belgium, Bulgaria, Cyprus, Denmark, Spain, Croatia, Portugal and Romania.
The second wave, which the council said it will receive on Tuesday, will open up funding to Estonia, Greece, Italy, Latvia, Lithuania, Poland, Slovakia and Finland.