Germany and France joined 12 other European Union countries in calling for the European Investment Bank to enhance its financing for defense as a means to boost the bloc’s security in light of Russian aggression.
The countries sent a letter dated March 17 to EIB President Nadia Calvino, European Council President Charles Michel and Belgian Prime Minister Alexander De Croo calling for a new financing strategy, according to a copy of the letter seen by Bloomberg. EU leaders will meet March 21-22 to discuss security, including the EIB’s role in defense readiness.
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The EIB’s current policy forbids it from investing in weapons, ammunition, and military infrastructure, but the bank is allowed to finance so-called “dual-use items”, which can be used for both civilian and military purposes.
In the face of Russian aggression in Eastern Europe, a growing number of states would like this to change in order to improve the EU’s defence capacities.
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