Italian government and industry leaders are rushing this week to figure out how to spend a European Union-backed windfall of billions of euros in defense cash as Italy seeks to reach new NATO spending targets.

In a week when most Italian politicians were heading for the beach, Italian Prime Minister Giorgia Meloni summoned the CEOs of state-controlled defense firms Leonardo and Fincantieri on Tuesday to discuss how to spend the cash.

The talks followed Italy’s decision to apply for low-cost loans to be issued by the EU under its new SAFE, or Security Action for Europe, plan , which will see the creation of a €150 billion ($174.2 billion) pot to be used for defense spending loans.

A source at Italy’s finance ministry told Defense News that Italy may procure loans worth €5 billion o

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