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European Commission joins call for EIB, a major backer of Ukraine's reconstruction, to start financing defence projects

EIB President Nadia Calviño promises to consider definition of "dual use" in recent speech to EU finance ministers. (Photo by EIB)

The European Commission has joined growing calls for the European Investment Bank (EIB) to scrap its restriction against funding defence projects in a push to bolster the fight against the Russian invasion of Ukraine.

The EIB, which has extended €1.7 billion in financing for Ukraine repair and reconstruction projects in the past two years, currently can only finance defense projects if they are "dual-use" and most of the revenue is expected to come from civilian uses. Financing of a project to manufacture ammunition, for example, is prohibited.

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