Finland to receive $1.16B EU loan for defense spending

ISTANBUL

Finland will receive €1 billion ($1.16 billion) funding from the EU for defense spending, the prime minister has announced.

"We decided at the Defense Policy Ministerial Committee that Finland will use €1 billion in EU SAFE funding to strengthen its defense industry, particularly for multinational defense procurements and the development of drone defense," Petteri Orpo wrote Tuesday on the US social media company X.

The European Commission announced in September the allocation of a €150 billion ($175.6 billion) defense fund under its new Security Action for Europe (SAFE) program, which is designed to strengthen defense readiness across the bloc.

According to the commission, the funding will be distributed among 19 member states that requested support, based on a pre-allocation system.

At 1,343 kilometers (834 miles), Finland has the longest border of any European Union member state with Russia.

In 1939-1940, Finland attempted to repel a Soviet invasion but was defeated within a matter of months.