The European Investment Bank (BEI) directed by former Vice President Nadia Calviñ 60% of the projects have to do with climatic action, which has led the Spanish to ensure during the presentation of the results that has been consolidated as “the Climate Bank.”
As for the defense, 1,000 million have been allocated and Calviño’s forecast is that this figure doubles in 2025. The increase has occurred coinciding with the EU strategy of reinforcing the military industry after the Russian invasion of Ukraine. The Member States, who are the shareholders of the BEI, decided to give the entity a specific role to increase their participation in the financing of the sector.
Last May the internal rules of the entity were changed to reduce the limits it had to invest in double -use (civil and military) projects and thus facilitate the specific investment in defense projects. With this modification of the standards of the BEI, which assumes that they no longer have to invest in projects that allocate at least 50% for civil use, investments have increased.
“The Bei group has significantly increased its eligible investments in dual use projects, which now include border protection, military mobility, decontamination, space, cybersecurity, protection of the seabed and critical infrastructures, research and development and drones,” he says The entity in a statement.
The debate, however, revolves around the possibility of removing the restrictions and that the public entity can directly finance armament. For that, a change in the norms would be required (in community jargon, modify the “mandate” that Bei has). Calviño is not very supportive of that movement and avoids pronouncing clearly.
“We are not a Ministry of Defense, we are the European Investment Bank,” Calviño cleared to questions from journalists in Brussels during the presentation of the annual report. The decision, in any case, would correspond to European governments. What the president has said is that a “market test” is being carried out as if necessary “another adjustment in the eligibility rules”, although at no time has he wanted to pronounce on whether the mandate for arms projects will be expanded.
In fact, Calviño has assured that he has the “support” of EU leaders – and has also mentioned the NATO general secretary, Mark Rutte – the “approach” currently the BEI.
Financing for Spain has reached 12.3 billion euros, as Calviño has advanced. This is an increase of about one billion compared to the 11,340 million that were allocated to the country in 2023. Spain is the second financing receiver, behind France (12.6 billion euros), and followed by (11,000 million euros) and Germany (9.6 billion).
#Calviño #doubles #Beis #expense #security #resists #paying #weapons #Ministry #Defense
