Amid growing concerns over security threats posed by Russian aggression, Bulgaria and a coalition of 13 other European Union countries have urged the European Investment Bank (EIB) to bolster defense financing. The call, joined by powerhouse nations Germany and France, aims to enhance the bloc’s defense capabilities in response to escalating tensions, as reported by Bloomberg.

In a letter addressed to EIB President Nadia Calvino, European Council President Charles Michel and Belgian Prime Minister Alexander de Croo, representing the rotating EU Council leadership, emphasized the need for a comprehensive financing strategy to address the evolving security landscape. The letter, dated March 17, advocates for an expanded approach beyond existing dual-use projects, suggesting a redefinition of the term and a review of excluded activities.

The initiative comes against the backdrop of heightened concerns over Russia’s military activities and its implications for European security. The signatories underscore the importance of proactive measures to reinforce defense infrastructure and readiness across the EU.

Notably, media reports on March 13 hinted at the EIB’s deliberations on potential avenues to support the defense industry. The discussions signal a potential shift in the bank’s role towards accommodating defense-related projects, reflecting the pressing need for bolstered defense capabilities amid geopolitical tensions.