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Canada has joined a major European Union defense fund, Prime Minister Mark Carney’s office said Monday, as the country looks to diversify its military spending away from the United States.
The plan allows Canadian defense companies access to a 150 billion euro ($170 billion) EU loan program, known as Security Action for Europe, or SAFE. That would allow Canadians firms to secure cheap, EU-backed loans to procure military equipment.
“Canada’s participation in SAFE will fill key capability gaps, expand markets for Canadian suppliers, and attract European defense investment into Canada,” Carney said in a statement.
Canada is the first non-EU country to gain access.
Carney has said he intends to diversify Canada’s procurement and enhance the country’s relationship with the EU. He has previously said that no more will over 70 cents of every dollar of Canadian military capital spending go to the U.S.
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