The European Investment Bank (EIB) is taking big steps to speed up its support for defense and security in Europe. The bank, which is owned by European Union governments, has cut the time it takes to approve defense projects to just six months. According to its president, Nadia Calvino, this faster process is meant to ensure that urgent projects can move forward without long delays.
Europe has been under increasing pressure to strengthen its own security, especially with threats from Russia and demands from the United States that the EU carry more of the burden. The European Union has set an ambitious goal of mobilizing up to 800 billion euros ($939 billion) in defense spending by 2029. As part of this effort, the EIB has already promised to dedicate at least 3.5% of its annual lending to defense and security projects in 2025. With a total lending volume of around 100 billion euros ($117.5 billion), this means billions will go directly into strengthening Europe’s security.
One recent example of how quickly the bank is now moving is a 450 million euro ($528.7 million) loan for a military campus in Lithuania. The project, which is meant to reinforce NATO’s defense presence in the region, was first presented in February and approved by June. The bank is also financing projects in drone technology, including systems designed to destroy hostile drones. Calvino said the pipeline of new security and defense proposals is strong, and she expects the funding volumes to keep growing in the years ahead.
While defense is getting more attention, it is not the only area where the EIB is cutting approval times. Calvino explained that the bank also wants to apply the same six-month decision-making process to venture capital and venture debt investments for technology startups. She stressed that quick decisions are often the difference between a startup surviving or shutting down, so speed is crucial.
At the same time, the EIB is not losing sight of its main mission. Climate change remains its top priority. The bank has committed to doubling its investments in climate adaptation to 30 billion euros ($35.2 billion) by 2030. This move comes after a summer of record heat across Europe and ahead of the COP30 global climate conference in Brazil. Calvino said that while some countries are pulling back on climate commitments, Europe wants to push forward and strengthen its role as a leader in green finance.
By combining faster defense approvals, stronger backing for startups, and expanded climate funding, the EIB is positioning itself as a key player in addressing both Europe’s security challenges and the urgent fight against climate change.
U.S.-based investment banking firms like B. Riley Financial Inc. (NASDAQ: RILY) are likely to study these changes and see how they can benefit from similar tweaks to their operation models.
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