MNI BRIEF: EU Officials Set To Formalise SAFE Deal Wednesday

European Union officials are set to give their formal approval agreement on the SAFE lending facility to boost defence spending on Wednesday, MNI understands.

The text of a compromise reached during talks on Sunday is "stabilised",” and countries will now assess the text in detail before diplomats meet on Wednesday.

Under the agreement, public procurement for projects financed by SAFE loans will be opened to third countries, like the UK, which have a security and defence partnership, as well as candidate countries. (See MNI: EU Officials Aim For SAFE Defence Deal This Sunday)

The compromise text will also allow for bilateral agreements with third countries which have Security and Defence Partnerships with the EU. Such agreements could expand the eligibility criteria for third country participation from 35% to 65% of the cost of components involved in any given defence project.