Canada has officially joined the EU's loans-for-weapons program

Defence Minister David McGuinty says Canada has now officially joined the European Union’s Security Action for Europe (SAFE) program, which offers loans to member states to invest in defence capabilities.

“The agreement strengthens our collective security, supports the development of key defence capabilities, and gives Canadian industry access to European defence markets while contributing to European and Ukrainian security,” McGuinty said in a statement sent to CBC News.

The official joining comes less than a year after Prime Minister Mark Carney signed a strategic defence and security partnership with the European Union, which included joining SAFE.

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The SAFE program allows partner countries to access low-interest loans for the joint procurement of military gear and weapons. It also allows Canadian companies to bid on those joint projects.

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