The Bank of the European Union increases lending limit to 100 billion euros and triple defense financing.
The Governments of the EU countries have agreed to increase the annual cost of the European Investment Bank (EIB) credit unit to this year’s 100 billion euros and at the expense of these funds to control the funding of the EU defense industry. Reuters writes about it on Friday, June 20.
Resources that are aware of the plans have reported that the decision was approved at an EIB board meeting in Luxembourg before the official statement that EU finance ministers expect later.
The new annual cost of 100 billion euros of more than 10 billion euros exceeded the amount provided by the EIB last year, and by 5 billion euros exceeded the target indicator of the 95 billion euros, founded by the President of the bank at the beginning of the year.
This decision will allow him to provide funding for defense projects. The amount will increase by 3.5 billion euros from 1 billion euros last year and will be higher than 2 billion euros, which it indicates for costs in January.
At the same time, the EIB is prohibited from investing directly in the manufacture of weapons or ammunition, but it can provide loans for superb purposes, such as GPS or buildings and infrastructure for army bases. Thus, the financing of one of these bases in Lithuania, not far from the border with Belarus, where German troops were located, was approved.
Remember that the US hegset secretary said that states no longer guarantee security in Europe and call NATO allies to increase defense costs.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.