EIB Reaches Deal with Italy to Bolster Defense

(MENAFN) The European Investment Bank (EIB) revealed on Thursday that it has formalized a strategic agreement with Italy to supply EURO107.5 million (USD126 million) in financing aimed at enhancing the nation’s defense and security capabilities.

According to the EU’s lending institution, "The EIB financing will contribute to the purchase of helicopters for the Italian army," as stated in their official announcement.

The bank emphasized that this funding initiative forms part of the EIB’s wider dedication to European security and defense.

It also noted that the institution recently broadened its criteria to include support for military projects, aligning with the priorities set by the European Union.

The terms attached to this financial support will allow the Italian government to achieve significant savings on interest payments across the 20-year loan period.

EIB Vice-President Gelsomina Vigliotti commented, “This agreement shows the EIB’s growing commitment to supporting European security and defense, and is the result of ongoing fruitful dialogue with the Italian government to promote strategic investments strengthening the competitiveness and security of Italy.”

She added, “We will continue to work side by side with our partners to safeguard the strategic autonomy of the EU."

This funding deal marks the third such agreement between the EIB and Italy.

Previously, in 2022, the bank granted EURO240 million to finance the acquisition of 16 light helicopters for the Italian Carabinieri and upgrades to the national air traffic control system.

Earlier, in 2020, it provided EURO220 million to support the construction of three hydro-oceanographic vessels.

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