The European Investment Bank (EIB) today agreed a series of measures to further boost investment in security and defence and critical raw materials.
The EIB’s Board of Directors also approved a total of €8.9 billion of new financing for port and rail projects, education, energy and grid upgrades, water and business investment.
“The message of European leaders is clear: we must strengthen Europe’s security and defence capabilities. Today’s decisions show that the EIB is part of the solution.” said EIB Group President Nadia Calviño.
Strengthening European security and defence
The Board further expanded EIB Group eligibilities for financing Europe’s security and defence industry and infrastructure, to ensure that excluded activities are as limited as possible in scope, in line with the proposals endorsed by EU leaders at the Special European Council on 6 March.
The EIB’s existing €8 billion Strategic European Security Initiative (SESI) will be integrated into a cross-cutting and permanent public policy goal, which will complement the existing public policy goals. There will be no predefined ceiling for financing in this area, which will be determined annually in the EIB Group Operational Plan.
This will enable the EIB Group to respond to financing needs in a manner which safeguards its operations and a strong financial position for security and defence projects and investments in areas such as barracks and storage facilities, land and aerial vehicles, drones and helicopters, radars and satellites, advanced avionics, propulsion and optics, land border protection, military mobility, critical infrastructures, de-mining and de-contamination, space, cybersecurity, anti-jamming technologies, military equipment, seabed infrastructure protection and research.
The decisions will further facilitate investment to bolster Europe’s industrial defence capacities, complementing the European Commission’s White Paper for European Defence and “Readiness 2030” plan, while fostering synergies with EU governments, national promotional banks, the private sector, and other key stakeholders. The EIB Group is expected to at least double its investments for security and defence projects this year to a new record.