Croatia receives first €255M under SAFE

Croatia has received the first tranche of €255 million under the European Union's SAFE financial instrument, representing 15% of the total €1.7 billion allocated to the country, Report informs referring to the European Commission.

The pre-financing will allow Zagreb to accelerate the implementation of key defence projects, modernize its armed forces, and strengthen its military capabilities in line with the EU's shared security objectives, the EC stated.

The €150 billion SAFE instrument provides Member States with loans for the joint procurement of ammunition, missiles, air defence systems, and ground combat systems produced in the EU.

It is part of the ReArm Europe Plan/Readiness 2030 initiative, which aims to mobilize over €800 billion in investment in European defence.

Subsequent disbursements will be made as agreed project milestones are met.