On the eve of the defense summit on Thursday, measures to "boost" the EU's defense funding are being announced, as part of the goal to deter a future attack by the Russian Federation.
Reports UNN citing Reuters.
The European Investment Bank (EIB), the financial institution of the European Union (EU), announced on Tuesday that it will lift restrictions on financing defense projects and expand the scope of eligible projects, while maintaining a ban on financing weapons and ammunition.
EIB President Nadia Calviño stated that the EIB's measures will be part of broader EU efforts aimed at increasing defense funding, as the bloc of 27 countries seeks to prevent any future Russian attack.
We intend to propose further adjustments to the eligibility criteria at the next EIB board meeting in March... We plan to propose a review of our operational structure... with an ambitious financial and capital allocation that will be determined annually
With the EIB's new approach, the way is opened for financing large-scale strategic projects:
protection of land borders,
military mobility,
critical infrastructure,
de-mining and decontamination,
space, cybersecurity, counter-drone technologies,
military equipment and means, drones,
protection against biological threats and seabed infrastructure,
critical raw materials and research.
The EIB's new approach is also a signal to investors and other banks that security and defense are public goods worth supporting.
Recall
Ursula von der Leyen presented a plan for "rearming Europe" with new financial instruments. The plan involves mobilizing €800 billion and includes €150 billion in loans for defense needs.