Poland signs 44-bn-euro EU defence loan deal to modernise military / Photo: Wojtek RADWANSKI - AFP
-
Belgian PM Bart De Wever Given New Deadline to Resolve €10 Billion Budget Deadlock
-
KUFOS Signs MoU With Old Dominion University to Expand Academic Ties
-
$1.8 Billion Pledged for Biodiversity at COP17 as Monaco Reaffirms Commitment
-
Karen Wazen Launches First Standalone Boutiques in Cairo
-
Phoenix Symphony Resumes Performances Amid Financial Uncertainty
-
Municipal Elections: How Service Failure Becomes a Public Health Crisis in South Africa
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
Poland signs 44-bn-euro EU defence loan deal to modernise military
Poland on Friday became the first country to sign a loan agreement with the European Commission to fund the modernisation of its military and arms industry, under which it will receive nearly 44 billion euros ($52 billion).
"This is a watershed moment in the history of both Poland and the European Union," Prime Minister Donald Tusk said at a ceremony for the signing of the agreement.
"Poland will be safer in these difficult and highly risky times," he added.
The billions in funding will go to the most populated country on NATO's eastern Flank, and the alliance's largest spender in relative terms, allocating 4.8 percent of its GDP to defence.
The Security Action For Europe (SAFE) scheme makes some 150 billion euros available in the form of preferential loans to finance joint projects in defence, the purchase of weapons or ammunition, and for the development of critical infrastructure.
Poland, which is receiving 43.7 billion euros, is by far the greatest beneficiary of the programme, which was developed for European countries seeking to reinvigorate their defence industry to face the threat from Russia and risk of US disengagement.
"This is also the day when Europe ... is showing that it has learned a lesson from history and that it is ready ... to shoulder a much greater responsibility for our security," Tusk added.
The agreement was signed by the Polish finance and defence ministers, as well as EU budget commissioner Piotr Serafin and defence commissioner Andrius Kubilius.
Nogueira--PC
