The European Investment Bank (EIB) intends to inject two billion euros this year into the European defense industry, or double its investments in the sector in 2024. The announcement was made on Tuesday by the President of the institution.
“Last year, the EIB reached a record of one billion euros of investments in the field of security and defense (…). And I can already tell you that we expect to double this amount in 2025, to reach two billion euros of investments,” declared Tuesday Nadia Calviño, head of the European Investment Bank upon her arrival at a meeting of the Council of Ministers of Economic and Financial Affairs (Ecofin) in Brussels.
The European Union wants to increase production rates in the arms sector, taking into account the geopolitical situation marked by the resurgence of conflicts. EU leaders last year asked the EIB to change its lending policy to include loans for purely military projects, with the aim of enabling Europe to increase its defense production capabilities.
-The Bank’s Board of Directors has since approved an update to the definition of dual-use goods and infrastructure (civil and military) eligible for financing from the EIB Group. The institution has also decided to facilitate access to financing for small and medium-sized enterprises (SMEs) in the security and defense sector.
Sami Nemli with agencies / Les Inspirations ECO
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