Israeli defense companies consider Cyprus for participation in the SAFE program
Israeli defense companies are interested in starting operations in Cyprus in order to potentially benefit from the EU’s SAFE defense financing program. This issue was discussed by Cypriot President Nikos Christodoulides and Israeli President Isaac Herzog during the Israeli president’s one-day working visit to Nicosia, Cyprus Mail reports.
The sides also considered defense cooperation and Cyprus’s plans to purchase additional military equipment from Israel. Cyprus may receive up to €1.18 billion in funding under SAFE, an EU program designed to support member states’ defense investments.
Cyprus’s defense procurement
According to the publication, Cyprus submitted an investment plan last year. In January, it was approved by the European Investment Bank, and the EU subsequently approved the loan agreement.
Israel is already one of the largest suppliers of defense equipment to Cyprus. During the talks, the sides agreed to remain in contact regarding specific types of equipment that Cyprus could purchase under its armament program. In particular, they discussed Merkava tanks as an alternative to the outdated Leopard 1A5 tanks.
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In recent years, Cyprus has expanded its defense procurement, including purchasing Barak MX air defense systems and radar platforms from Israel. The country also plans to acquire modern attack helicopters.
Energy and tourism
Christodoulides and Herzog discussed the development of the Aphrodite gas field and progress on the Great Sea Interconnector project. Israeli officials said that an agreement on the field was close to being finalized.
The Cypriot president also raised the issue of plans to conclude a double taxation avoidance agreement between Cyprus and Israel, which had been discussed as early as 2011. Separately, the sides discussed tourism: Christodoulides said that more than 200 flights per week currently operate between the two countries.
Herzog called Christodoulides a great friend of Israel and expressed hope that in the future the presidents of Cyprus, Israel, and Lebanon could hold a joint meeting in Cyprus. According to him, this could help move the region toward peace.
