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Spain approves €2.189 billion in loans for three Navantia naval programs
Spain’s Cabinet approved €2.189 billion in zero-interest loans for Navantia on Tuesday.
The money will fund three naval programs, with spending planned through 2031.
The largest share, €1.786 billion, is for a new-generation European corvette program.
Other projects will modernize mine-hunting ships and support Navy surface vessels and submarines, including the S-80 class.
The government also approved €492.4 million for a third SpainSat-NG satellite after the second satellite exploded in orbit, and €392 million to buy 18 Airbus H135 and four H160 helicopters for Defence and Interior.
The helicopter payments are planned from 2027 to 2033, while the government has not yet published how it will allocate funding across 14 military plans.
Spain’s Council of Ministers approved three interest-free loans for Navantia naval programs on 27 October 2026.
The loans are intended to pre-finance military modernization programs and naval capabilities for Spain’s defence.
The reports give different totals: El Mundo says €2.189 billion, while Expansión says €2.196 billion.
Both reports say €1.786 billion is for Spain’s participation in the European Patrol Corvette program.
The other programs concern Segura-class minehunters and the modernization and upkeep of Navy surface ships and submarines.
- Who
- Spain’s Council of Ministers approved the loans for Navantia, Spain’s publicly owned shipbuilder.
- What
- Three interest-free loans will pre-finance naval programs. The reports give different totals: €2.189 billion and €2.196 billion.
- When
- 27 October 2026.
- Where
- Spain.
- Why
- To pre-finance military modernization programs and develop naval capabilities considered important for defence.
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This story does not have a timeline yet.
- Approval date
- 27 October 2026
- Reported loan total
- €2.189 billion in El Mundo; €2.196 billion in Expansión
- European Patrol Corvette program
- €1.786 billion
- Segura-class minehunters
- €210 million
- Surface ships and submarines
- €200 million, including S-80-class submarines
- Loan terms
- 0% interest; Expansión says the loans run from 2026 to 2031
3 sources
What people are saying
These investments will contribute to the modernization of Spain’s naval capabilities. They are expected to boost activity at shipyards and in the associated supply chain and strengthen the Defence Industrial and Technological Base.