By Mucahithan Avcioglu
ISTANBUL (AA) - The EU's European Investment Bank (EIB) announced Friday that it decided to increase its financing ceiling to a record €100 billion ($115.2 billion) to step up investments in security and defense, energy grids, and Europe’s tech leadership.
The increased financing ceiling includes a 3.5% increase in financing in the security and defense sector.
It also includes a record of more than €11 billion ($12.7 billion) for power grids and storage in Europe "and greater support for EU technological and industrial innovation."
"The unanimous support of our shareholders, the 27 member states, for our proposals to provide record financing for defense, energy security, and tech leadership shows the key role of the EIB Group in supporting Europe’s strategic priorities,” said EIB Group President Nadia Calvino.
"In a world where everything everywhere is changing all at once, the EU is a beacon of clarity, confidence and stability," she added.
The bank also announced that it is launching a "TechEU programme," which is the EU’s largest financing program to date in support of innovation and tech leadership to attract talent, capital and investment in Europe.
"TechEU will provide €70 billion in EIB Group equity, quasi-equity, loans and guarantees in 2025-2027 and crowd in private capital to generate at least €250 billion in investments," the bank said.
TechEU will provide more support for supercomputing, artificial intelligence, digital infrastructure, critical raw materials, green industries such as offshore wind, health, security and defense technologies, robotics and advanced materials.
It will target innovative companies at every stage of their development – from initial ideas to stock listings.
The Luxembourg-based EIB, which operates as an EU bank, finances joint strategic projects in member states.