European
Investment Bank
Nadia Calviiio
President
Mr Jrgen LIGI
Minister of Finance
Governor of the European Investment Bank
Ministry of Finance
Suur-Ameerika, 1
EE -10122 TALLINN
Luxembourg, 3 June 2026
Dear Governo o•f—c: TM,
Ahead of the Boa”r of Governors eting, 1 am following up on discussions at Eurogroup and
Ecofin. They have underscored your unity and determination in responding to geopolitical and
economic developments, as well as the key role of the EIB Group in advancing our shared
priorities by speeding up the Savings and lnvestment Union, scaling up Europe’s capacities
in Security and Defence, boosting technological innovation, fast-tracking the energy transition
and relentlessly supporting Ukraine, whHe reducing red tape.
These priorities are at the heart of the EIB Group Strategic Roadmap, unanimously endorsed in 2024.
As we reach the mid-point of its impiementation, our upcoming annual Board of Governors meeting
is an excellent moment to assess progress and exchange views on the way forward to tackle current
challenges.
Impiementation of the Strategic Roadmap is welI advanced. The enclosed “EIB Group Strategic
Roadmap: Mid-Term Report” details major achievements over the past two years, as the Group has
increased its policy relevance and impact as the EU’s f]nancing engine, with a strong balance sheet
and triple-A rating, while becoming more agile and innovative, amidst geopolitical tension, economic
uncertainty, and rapid technological disruption.
In 2025, the EIB Group delivered €100 billion in f’inancing and mobilised record investments in energy
grids, water, transport, and housing, with increased risk-taking through the TechEU initiative. Our
stronger focus beyond the EU supports Ukraine, enlargement, and the Giobal Gateway agenda,
while forging strategic partnerships worldwide.
The policy shift in the area of security and defence has been a gamechanger for the organisation. By
expanding eligibility to military projects, companies and investment funds engaged in weapons and
ammunition, and conducting a detailed and continuous market assessment, we quadrupled sector
financing by end-2025, on track to reach € 4.5 billion in 2026—about 5% of the Bank’s EU lending.
Annex 1 provides a detailed update.
98- 100, boulevard Konrad Adenauer L-2950 Luxembourg
[email protected] www.eib.org
Looking ahead, the current gobaI context also cails for a reflection on the strategic positioning of the
EIB Group to maximise Europe’s autonomy and economic security, while safeguarding profitability
and flnancaI strength.
Amid giobal volatility and weak private investment, the Group is uniquely placed to provide European
responses to our shared priorities and challenges.
This may require considering measures to boost financing volumes and risk appetite, backed by
guarantees from the next Multiannual Financial Framework, to further step up the Group’s
contribution to closing Europe’s investment gap, notably by crowding in private and institutional capital
at scale for innovation, resilient energy systems and critical value chains for Europe’s Iong-term
competitiveness. Through EIB Giobal, the Group has consolidated its role at the heart of the
Multilateral Development Banks network, which we wiII chair in 2027. By financing projects and
building strategic partnerships, our activities advance EU policies and values, strengthening Europes
competitiveness and voice in the new world order.
We wiII also continue to accelerate decision-making, streamline processes, and modernise our
internal systems, to deliver at the necessary scale and speed. Developing new tools and platforms
wilI be essential to exploit synergies and maximize the impact of European and national initiatives.
A final word on the ongoing initiatives to step up the Groups contribution to Europe’s Savings and
lnvestment Union Ied by the European Investment Fund.
Since its Iaunch in 2023, the European Tech Champions Initiative (ETCI) has become a key catalyst
in strengthening Europe’s scale-up financing capacity, supporting 15 new EU mega-funds (with a
target size of at Ieast €1 billion) and 11 European unicoms so far. Likewise, the first wave of the
Defence Equity Facility has been fully subscribed, building a nascent ecosystem of private investment
funds and unicorns active in this key area.
In Iight of this progress, as announced at the Ecofin meeting, we intend to Iaunch the second wave
of these two initiatives in July 2026, with higher ambition and a stronger focus on mobilising private
investors. 1 hope we can count on your participation for a successful closing!
1 look forward to our exchange at the Board of Govemors on these strategic matters, where we intend
to share a confidential presentation on security and defence.
Thank you very much for our exceflent collaboration, your support and guidance, which are essential
to ensure that the EIB Group can continue to deliver to Europe’s shared priorities. Do not hesitate to
contact me or the Vice Presidents of the Management Committee in advance if there is any issue
you would like to raise or cIf.
Yours sincerely,
Nadilv