00:01The European Commission has opened a new round of low-interest defense loans and is urging
00:07member states to spend them on joint ventures with Ukraine as Kiev faces a 70 billion euros
00:14budget gap. On Thursday, 21.3 billion euros of unspent funding under the Security Action
00:21for Europe, SAFE, was made available, with the Commission hoping to steer some of it
00:26towards Ukraine. This will further support our member states to address urgent defense needs
00:32and we encourage them to use these remaining funds in ways that can help meet Ukraine's urgent
00:38needs. Some figures about SAFE success. So far, 19 member states have requested more than 130
00:46billion euros so far. All national plans have been approved by the Commission. We have already
00:52signed 16 loan agreements out of these 19 plans and 11 member states have already received
00:58pre-financing worth more than 13 billion euros. SAFE was created to help the EU countries urgently
01:06boost their defense capabilities and industrial output in response to Russia's war of aggression
01:12against Ukraine and growing doubts over US security guarantees during Donald Trump's second
01:18term. Several member states, most notably Italy, Hungary and France, borrowed far less than anticipated.
01:26That left a pot of unspent money, which the Commission has now reopened through a second round
01:32of course running until November the 13th.
