The European Investment Bank (EIB) announced today that it will open up its financing to military dual-use technologies to support EU countries’ defense investment.
EU finance ministers meeting in Luxembourg today welcomed the action plan presented by EIB President Nadia Calvino to further strengthen support for Europe’s security and defense industry, in particular to adjust the term “dual-use goods and infrastructure” and extend of EIB credit lines to SMEs and innovative start-ups in the security and defense sector.
It is recalled that in their conclusions at the European Council on March 21-22, the 27 European leaders underlined the EU’s commitment to increase its overall defense readiness and capability and called on the EIB to adapt its policy on lending to the defense industry and the definition of “dual-use goods”.
The EIB announced today that it will adjust its lending policy to the security and defense industry, while preserving its financing capacity. From 1 May, a Task Force and a “one-stop shop” will be created to streamline the EIB Group’s processes and thus speed up investment and access to €6 billion earmarked for projects in this area.
EIB President Nadia Calvino presented the EIB Group’s Security and Defense Industry Action Plan at the EU Finance Ministers’ meeting (ECOFIN) in Luxembourg. “We will strengthen and accelerate our support to the European security and defense industry, while preserving our financial capacity and the highest environmental, social and intergovernmental standards. As the EU’s economic arm, we must help ensure Europe’s peace and security. The action plan launched today will improve funding conditions for European projects. We will work together with the EU Member States and institutions to speed up projects that ensure the well-being of our citizens,” said N. Calvino.
Henceforth, the EIB will waive the requirement that dual-use projects derive more than 50% of their expected revenue from civilian use. This will align the EIB Group with public financial institutions that similarly limit their funding to equipment and infrastructure that serve defense and military needs, such as reconnaissance, surveillance, spectrum protection and control, decontamination, research and development, equipment, military equipment mobility, control of borders and protection of other critical infrastructure and drones.
The EIB Group also plans to immediately strengthen partnerships and cooperation with key stakeholders, including by signing and updating memoranda of understanding with the European Defense Agency and other partners.
The plan must be formally approved by the EIB’s board at a meeting in May.
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