(MENAFN) Canada announced on Monday that it has agreed to take part in the European Union’s Security Action for Europe (SAFE) initiative, a program focused on defense acquisition.

“As Canada’s new government rebuilds, rearms and reinvests in the Canadian Armed Forces, we are focused on providing the women and men in uniform with the equipment they need, when they need it,” stated Canadian Prime Minister Mark Carney's office on Monday.

The office added, “As part of this mission, Canada signed a Security and Defense Partnership with the European Union earlier this year and launched negotiations toward Canada’s participation in Security Action for Europe (SAFE), a key pillar of the EU’s Readiness 2030 plan.”

“Today, the Prime Minister, Mark Carney, announced the conclusion of negotiations for Canada’s participation in SAFE – unlocking billions of dollars in potential defense opportunities for Canadian businesses,” it further noted.

The SAFE initiative, which was endorsed by EU leaders in May 2025, is designed to provide competitively priced, long-term loans to expedite urgent defense acquisitions.

SAFE is a component of the European Commission’s ReArm Europe Plan/Readiness 2030, which seeks to release over €800 billion ($928 billion) in defense funding across the European Union.

Although the loans are reserved for EU member states, countries such as Ukraine, as well as those in the European Economic Area (EEA) and the European Free Trade Association (EFTA), will also be able to engage in joint procurement under the program.

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