(IN BRIEF) On October 3, 2024, the European Investment Bank (EIB) Group and the European Defence Agency (EDA) strengthened their partnership with an updated Memorandum of Understanding (MoU) to enhance security and defence financing across Europe. The revised agreement allows both organizations to identify and fund collaborative defence projects within EU Member States, focusing on areas like research, development, and innovation. A significant aspect of the MoU is the enhancement of the Cooperative Financing Mechanism (CFM), which will support pan-European defence initiatives. The partnership comes at a crucial time as Europe faces increasing demands for investment in security. EIB Vice-President Robert de Groot and EDA Chief Executive Jiří Šedivý highlighted the importance of this collaboration in achieving collective defence goals and addressing financing needs in the sector.
(PRESS RELEASE) LUXEMBOURG, 4-Oct-2024— /EuropaWire/ — On October 3, 2024, the European Investment Bank (EIB) Group and the European Defence Agency (EDA) solidified their partnership, committing to bolster financing for security and defence initiatives across Europe. This development follows the initial Memorandum of Understanding (MoU) signed in 2018, which aimed to foster collaboration in the defence sector. The updated agreement was formalized during an informal meeting of National Armaments Directors at the EDA headquarters in Brussels.
The enhanced MoU empowers both organizations to collaboratively identify and finance security and defence projects within EU Member States and their respective defence industries. The focus will be on areas such as research, development, innovation (RDI), and technological infrastructure, essential for advancing European security capabilities. The partnership specifically aims to address the financing needs of collaborative defence projects, ensuring that they can effectively contribute to national and collective security.
A pivotal aspect of the revised agreement is the reinforcement of the Cooperative Financing Mechanism (CFM), which aims to support pan-European defence initiatives with a comprehensive package that encompasses facilitation, procurement, and funding. Additionally, the MoU promotes enhanced knowledge sharing and exchange of expertise between the EIB, the European Investment Fund (EIF), and the EDA. This collaboration will lead to more robust market demand assessments and better understanding of industrial capacities within Member States. Under the new framework, the EDA will provide essential industrial defence advice to the EIB Group, while the EIB will leverage its financial market expertise to support EDA’s strategic objectives.
This enhanced cooperation is particularly timely, given the growing emphasis on increased investment in European security and defence. The partnership aims to deliver substantial investments to strengthen the EU’s collective defence capabilities, addressing the evolving security landscape in Europe.
EIB Vice-President Robert de Groot emphasized the importance of the updated MoU, stating, “This agreement is a vital component of our Defence Action Plan, which focuses on strengthening European industry through collaborative initiatives. By partnering with EDA, we can harness the unique strengths of both institutions to invest in peace and security across Europe.”
Jiří Šedivý, Chief Executive of the EDA, echoed this sentiment, noting, “European defence spending has been on the rise for eight consecutive years, with EU Member States poised to meet collective spending targets. However, we must combine our resources to finance joint efforts effectively and enhance our defence capabilities. The revised MoU with the EIB provides us with the necessary tools to assist Member States in achieving their goals and ensuring access to financing for Europe’s defence sector.”
Marjut Falkstedt, Chief Executive of the EIF, also highlighted the ongoing commitment to adapt strategies to meet the evolving challenges of the defence sector, stating, “Our collaboration with EDA ensures that the EIF is equipped with the necessary expertise to spearhead impactful initiatives that align with our shared mission of enhancing European security.”
This strengthened partnership between the EIB Group and the EDA is set to play a pivotal role in advancing Europe’s defence landscape, fostering collaborative efforts that enhance security and resilience throughout the region.
Background information
The European Investment Bank (EIB) Group is the financing arm of the European Union, owned by its member states. It supports sound investments that contribute to EU policy objectives. Financing for Europe’s security and defence industry is among the EIB Group’s strategic priorities. We provide a comprehensive range of financial support and solutions designed to meet the demands of companies and public sector entities in the security and defence sector, regardless of their size. From reconnaissance and surveillance, spectrum protection and control, to cybersecurity solutions, infrastructure and military mobility, our financing solutions are designed to bolster projects that keep Europe safe, resilient, and innovative.
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.
The European Defence Agency (EDA) supports its 27 Member States in improving their defence capabilities through European cooperation. Acting as an enabler and facilitator for Ministries of Defence willing to engage in collaborative capability projects, the Agency has become the hub for European defence cooperation with expertise and networks allowing it to the whole spectrum of defence capabilities. Member States use EDA as an intergovernmental expert platform where their collaborative projects are supported, facilitated, and implemented.
Media Contact:
Sertore Serena
s.sertore@eib.org
+352 4379 – 70859
Press Office
press@eib.org
+352 43791
SOURCE: European Investment Bank
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