Prime Minister Mark Carney on Monday at an EU-Canada summit in Brussels formally signed a historic security and defence pact between Canada and the European Union.
In signing the agreement, Carney cemented Canada's participation in the EU’s €150 billion (C$237 billion) joint arms procurement fund (SAFE), a five-year loan facility that allows participating countries to borrow funds to jointly purchase military equipment.
The €150 billion figure represents the total borrowing capacity of the fund, not a fixed contribution by Canada or any other single country. Canada will only be responsible for repaying the amount it chooses to draw from the fund ...
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