Robert de Groot, Vice-President of the European Investment Bank (EIB), was heard on Tuesday 18 February by the European Parliament’s Committee on Security and Defence (SEDE). He came in for sharp criticism from MEPs, who feel that the EIB’s involvement in defence is still too timid.
In May, the EIB broadened its definition of dual-use goods and infrastructure eligible for financing (see EUROPE 13407/7 and 13569/17).
Nathalie Loiseau (Renew Europe, French) called for a review of the EIB’s financing exclusions in the face of measures that she felt were “not up to the challenge”. “What more do you need than Russia’s war of aggression in Ukraine, the collapse of the European defence industry and the signals given by the Trump administration?”
“When I hear that the EIB has other priorities, I say to myself that you are not really living in our reality, because there is nothing more important than security in Europe”, said Poland’s Marta Wcisło (EPP), pointing out that her country spent 4.7% of its GDP on defence.
Petras Auštrevičius (Renew Europe, Lithuanian) echoed this sentiment, calling on Robert de Groot to “leave Luxembourg” to see “the reality on the ground” in the Baltic States.
Angelika Niebler (EPP, German) criticised the EIB for passing on its caution to the banking sector: “If you finance defence capabilities, then it seems to me that private banks will do the same. But it's obviously a signal that hasn't been received”, she added.
Following these attacks, Robert de Groot was keen to clarify the EIB’s role: “We are not a Ministry of Defence, we are a bank”. He pointed out that the EIB had already invested €1 billion in security and defence projects in 2024 and was aiming to invest €2 billion in 2025.
“€5 billion available has not yet been used”, he said, indicating that 14 projects were under consideration concerning “drones, space, cybersecurity” and “critical infrastructure protection” over the next five years. (Original version in French by Justine Manaud - intern)