EIB at work on defense agenda. Investment plan unveiled

Brussels – Going forward as planned, with a focused agenda and strategy for more defence investment: The European Investment Bank (EIB) is presenting its work program to EU economics and finance ministers, gathered in Ghent for the informal work of the 27-member enlarged Eurogroup and Ecofin. The shareholders of the credit institution took detailed stock of the situation.

Nadia Calviño, president of the EIB, proposed increasing EIB Group funding for Europe’s security and defence. “Strong focus” is given to new technologies, critical infrastructure such as border control, cybersecurity, space, and especially dual-use technologies such as drones: these are key, above all, to that shift toward supporting more the military industry and a type of investment that has never before been supported. Discussions are being held with the European Commission and other key stakeholders on the scope and definition of dual-use technologies, Calviño said at the end of the meeting.

“The EIB can help governments mobilize the funds they need to finance the challenges we face, such as defence, climate, and competitiveness,” stresses Vincent van Peteghem, Belgium’s Finance Minister and Chairman of the Bank’s board. Statements that confirm that it is precisely the Luxembourg-based credit institution is expected to play a key role in the new definition of an increasingly military Europe. The contribution of small and medium-sized enterprises (SMEs) will also be essential in this path. The EIB’s strategy aims to increase support and expansion of these players in a sector that has suddenly become more strategic than ever.