"The European Investment Bank can and should play a greater role in strengthening Europe's defence capability." Kostis Hatzidakis, the minister of economy and finance, made a note of this during the Bank's Board of Governors meeting today in Luxembourg in relation to the Ecofin and Eurogroup gatherings.

The EIB Board of Governors approved the New Strategic Charter, which sets out the bank's key priorities for the period 2024–2027. This includes the implementation of an Action Plan for Security and Defense, which provides, inter alia, for the opening of EIB credit lines to companies active in the security and defence sectors, and a revision of the definition of "dual use," which means that it will be easier to finance infrastructure that also serves military purposes. "Negative developments on the global geopolitical scene have made it imperative to increase Europe's defence capacity. The Security and Defense Action Plan, adopted last May, is a first step, and we should now focus on its swift implementation, keeping the door open for further initiatives if the need arises," Mr. Hatzidakis added.

In his intervention, the Greek Minister also welcomed the fact that cohesion policy remains a key pillar of the EIB's activities, as 45% of its financing should serve this objective. "Cohesion is the foundation of European integration. It helps to promote inclusive growth and improve the lives of millions of people. Cohesion funding also contributes to important strategic EU priorities, such as the construction of trans-European networks," he said.