The Commission expects a 9-billion agreement with Italy on the Safe programme

Brussels. Ursula von der Leyen’s Commission expects Giorgia Meloni’s government to sign an agreement worth around 9 billion euros under SAFE, the European Union’s 150 billion euro loan programme for member states to facilitate rearmament in the face of the growing Russian threat. This is less than the €14.9 billion that Italy had initially requested in September 2025. However, it is more than the €5–6 billion that the Meloni government appeared set to sign up to at the start of the summer, having yielded to pressure from the Lega, which demanded that the government forgo a large portion of the EU defence loans. “We have received significant assurances from Italy that it will use the vast majority of the loans allocated to it. Italy remains fully committed to European defence and to this project,” a Commission spokesperson said yesterday. The tone is much more positive than in July, when the von der Leyen Commission had stepped up pressure on the Meloni government to clarify its intentions regarding SAFE. Over the past month, there have been “constructive exchanges and positive developments”, the spokesperson explained: discussions “are continuing in the right direction”. The Commission is, however, in a hurry. Any funds not utilised by member states must be reallocated by the end of the year. Poland and the Baltic states have already expressed interest. Von der Leyen has indicated that €10 billion could be reallocated and that Ukraine could benefit from a portion of the contracts. “The Commission has received assurances from Rome: should there be any residual funds from the Italian plan, the Italian authorities will inform us promptly,” said the spokesperson.

Launched in the spring of 2025 as part of the EU’s rearmament plan, and backed by €150 billion raised through joint debt, the SAFE (Security Action for Europe) loan programme has been a success. Its aim is to help Member States – particularly those borrowing at higher rates than Germany – to accelerate the increase in defence spending. Nineteen Member States have applied for SAFE loans. Poland is the main beneficiary, with around 43 billion euros. Thirteen countries have already signed loan agreements and the first disbursements have begun. Four Member States have sent the Commission the documents required to sign the agreements, which include the arms supply contracts and the value of the orders. Two are still missing from the list. The first is Hungary, which had requested 16 billion euros, which remained frozen until Viktor Orbán was ousted: Peter Magyar’s government is working on a new plan to try to secure a figure as close as possible to the original one (the Commission estimates around 12 billion euros). The second country lagging behind is Italy: despite urgent requests from Brussels, the Meloni government has not yet submitted the documents containing the contracts and figures required to sign the SAFE loan agreement. At the end of July, it was Deputy Prime Minister Matteo Salvini and Lega Senator Claudio Borghi who stood in the way, despite Finance Minister Giancarlo Giorgetti having acknowledged that the SAFE offers “favourable interest rate terms”. The Commission now hopes there will be no further political or electoral vetoes or obstacles. The aim is to sign the agreement with Italy “as quickly as possible, so that any remaining funds can be promptly reallocated to the other Member States”, said the spokesperson.