The European Investment Bank has proposed a plan that will make it easier and faster to fund defense projects in a bid to boost support for Europe’s security and defense industry.
The rule change was presented by President Nadia Calvino to finance ministers in Luxembourg on Friday. The definition changes mean that companies have more leeway for using the credit line for defense and the bank will waive the requirement that dual-use projects derive more than 50% of their expected revenues from civilian use. However, they need to provide credible proof that the project is for dual use purposes.
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