Over a dozen European Union member states have expressed interest in securing $146 billion in EU-supported loans to bolster defense procurement.

According to a Wednesday statement from the European Commission, the countries numbering 18 include Spain, Italy, Greece and Hungary. They’ve all expressed interest in gaining access to loans through Security Action for Europe.

SAFE is a financial instrument established by the EU in May to help support member nations improve their defense spending and assist the European defense industry.

The commission said the interest from the 18 will let leadership start securing funds from capital markets.

Able to recure the SAFE loans are EU member nations, plus countries that have signed defense procurement agreements with EU states.

Projects supported by SAFE must be based on common procurement and include one member state and a member state benefiting from a loan, as well as Ukraine or other European Economic Area countries. According to the commission, no more than 35% of component costs from contracts can come from outside the EU, Ukraine or EEA nations.

The deadline to submit a formal request for a SAFE loan is Nov. 30.

• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.