By Esther Ososanya
Eighteen European Union countries have applied for loans worth over €127 billion ($147 billion) from a new defence fund. The European Commission confirmed the applications on Wednesday.
The fund, called Security Action for Europe, aims to boost military spending and reduce dependence on outside forces.
The high demand means the Commission will begin raising money on capital markets soon. The loan requests already cover more than 80% of the fund’s €150 billion target. Countries have until November 30 to submit final applications.
The countries that have expressed interest include Belgium, Bulgaria, Czech Republic, Estonia, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Hungary, Poland, Portugal, Romania, Slovakia, and Finland.
Building a More Independent Defence
EU officials see the fund as a step toward greater self-reliance in defence. It follows growing calls to reduce NATO dependency, especially after Russia’s invasion of Ukraine. The fund will support joint weapon purchases, innovation in defence technology, and domestic production.
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The plan mirrors the structure of the EU’s COVID recovery fund, aiming for efficiency and collective resilience. With security concerns rising, leaders say Europe must act fast.
At the current exchange rate, $1 equals 0.8667 euros.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
