Latest news with #EIB
Euronews
5 hours ago
- Politics
- Euronews
At least one dead after Russia launches strikes on Odesa and Kharkiv
Russian drones struck the Black Sea port city of Odesa and the northeastern city of Kharkiv overnight, killing at least one person, Ukrainian officials have said. The attacks against Odesa sparked fires at several apartment blocks, Ukraine's Emergency Service said. Flames engulfed a four-storey residential building in the city, which partly collapsed and injured three emergency workers. A separate blaze spread across the upper section of a 23-storey high-rise, leading to the evacuation of 600 residents. In total, one person was killed and 14 others were wounded in the overnight strikes against the port city, according to Odesa's regional prosecutor's office. At least eight drones hit civilian infrastructure in Kharkiv, injuring two children and two others, Ukraine's Emergency Service said. A further four people were injured in a second Russian strike on Friday. Ukraine's Air Force said Russia launched 80 Shahed and decoy drones overnight, with air defences intercepting or jamming 70 of them. A Russian missile strike on a nine-storey Kyiv apartment building earlier this week was a sign that more pressure must be applied on Moscow to agree to a ceasefire, Ukrainian President Volodymyr Zelenskyy said on Thursday. The drone and missile attack on Kyiv early Tuesday, the deadliest assault on the capital this year, killed 28 people across the city and wounded 142 others, Kyiv Military Administration head Tymur Tkachenko said. 'This attack is a reminder to the world that Russia rejects a ceasefire and chooses killing,' Zelenskyy wrote on Telegram, and thanked Ukraine's partners who he said are ready to pressure Russia to 'feel the real cost of the war". As Russia proceeds with a summer offensive across the roughly 1,000-kilometre front line, US-led peace efforts have failed to gain traction. Russian President Vladimir Putin has effectively rejected an offer from US President Donald Trump for an immediate 30-day ceasefire, making it conditional on a halt to Ukraine's mobilisation effort and a freeze on Western arms supplies. Kremlin spokesperson Dmitry Peskov said Friday that the date for the next round of peace talks is expected to be set next week. Ukrainian officials have not recently spoken about resuming talks with Russia, last held when delegations met in Istanbul on 2 June, though Ukraine continues to offer a ceasefire and support US-led diplomatic efforts to stop the fighting. The two rounds of brief talks yielded only agreements on the exchange of prisoners and wounded soldiers. The European Investment Bank (EIB) is strengthening its role as the European Union's financial arm, with its financing ceiling for this year reaching €100 billion, a new record. Against a backdrop of geopolitical tensions, the Bank is confirming its commitment to defence and security by tripling its lending. The EIB plans to devote 3.5% of total financing to the military sector. The institution mentions 32 flagship projects in the pipeline. These announcements validate the extension in recent months of the EIB's security mandate, which marks a paradigm shift in the institution's mission. This support will be available to all EU companies: public and private, large and small. "We finance the public sector when it comes to infrastructure for large military barracks. Just this week we got the go-ahead to finance a very important piece of infrastructure in Lithuania, a military barracks that will house a brigade of the Bundeswehr (German army) very close to the Belarusian border," said EIB President Nadia Calviño. "We are also financing large private companies for research and development programmes in the fields of innovation and industrial capacity," she added. She also says that she is working with the European Commission to identify other key infrastructures for military mobility. The EIB's commitment to defence does not, however, mean a complete turnaround. Climate change and clean energy remain priorities. The EIB deems climate action to go hand in hand with European security. The Bank is therefore launching a new programme of investment in technology and innovation: TechEU. The scheme will provide €70 billion of equity, quasi-equity, loans and guarantees from the EIB Group between 2025 and 2027. It will also call on private capital to generate at least €250 billion of investment. The first wave of TechEU projects will be devoted to clean industries. "This concerns the products needed to build energy networks. It's about guarantees for clean technology innovators. We also need to support the wind power industry and the deployment of power purchase agreements, which are essential to stabilise energy prices for Europe's major industries," said Calviño. The EIB President stressed that the green transition and technology also contribute to the EU's strategic autonomy.
Euronews
5 hours ago
- Politics
- Euronews
European Investment Bank triples its financial commitment to defence
Russian drones struck the Black Sea port city of Odesa and the northeastern city of Kharkiv overnight, killing at least one person, Ukrainian officials have said. The attacks against Odesa sparked fires at several apartment blocks, Ukraine's Emergency Service said. Flames engulfed a four-storey residential building in the city, which partly collapsed and injured three emergency workers. A separate blaze spread across the upper section of a 23-storey high-rise, leading to the evacuation of 600 residents. In total, one person was killed and 14 others were wounded in the overnight strikes against the port city, according to Odesa's regional prosecutor's office. At least eight drones hit civilian infrastructure in Kharkiv, injuring two children and two others, Ukraine's Emergency Service said. A further four people were injured in a second Russian strike on Friday. Ukraine's Air Force said Russia launched 80 Shahed and decoy drones overnight, with air defences intercepting or jamming 70 of them. A Russian missile strike on a nine-storey Kyiv apartment building earlier this week was a sign that more pressure must be applied on Moscow to agree to a ceasefire, Ukrainian President Volodymyr Zelenskyy said on Thursday. The drone and missile attack on Kyiv early Tuesday, the deadliest assault on the capital this year, killed 28 people across the city and wounded 142 others, Kyiv Military Administration head Tymur Tkachenko said. 'This attack is a reminder to the world that Russia rejects a ceasefire and chooses killing,' Zelenskyy wrote on Telegram, and thanked Ukraine's partners who he said are ready to pressure Russia to 'feel the real cost of the war". As Russia proceeds with a summer offensive across the roughly 1,000-kilometre front line, US-led peace efforts have failed to gain traction. Russian President Vladimir Putin has effectively rejected an offer from US President Donald Trump for an immediate 30-day ceasefire, making it conditional on a halt to Ukraine's mobilisation effort and a freeze on Western arms supplies. Kremlin spokesperson Dmitry Peskov said Friday that the date for the next round of peace talks is expected to be set next week. Ukrainian officials have not recently spoken about resuming talks with Russia, last held when delegations met in Istanbul on 2 June, though Ukraine continues to offer a ceasefire and support US-led diplomatic efforts to stop the fighting. The two rounds of brief talks yielded only agreements on the exchange of prisoners and wounded soldiers. The European Investment Bank (EIB) is strengthening its role as the European Union's financial arm, with its financing ceiling for this year reaching €100 billion, a new record. Against a backdrop of geopolitical tensions, the Bank is confirming its commitment to defence and security by tripling its lending. The EIB plans to devote 3.5% of total financing to the military sector. The institution mentions 32 flagship projects in the pipeline. These announcements validate the extension in recent months of the EIB's security mandate, which marks a paradigm shift in the institution's mission. This support will be available to all EU companies: public and private, large and small. "We finance the public sector when it comes to infrastructure for large military barracks. Just this week we got the go-ahead to finance a very important piece of infrastructure in Lithuania, a military barracks that will house a brigade of the Bundeswehr (German army) very close to the Belarusian border," said EIB President Nadia Calviño. "We are also financing large private companies for research and development programmes in the fields of innovation and industrial capacity," she added. She also says that she is working with the European Commission to identify other key infrastructures for military mobility. The EIB's commitment to defence does not, however, mean a complete turnaround. Climate change and clean energy remain priorities. The EIB deems climate action to go hand in hand with European security. The Bank is therefore launching a new programme of investment in technology and innovation: TechEU. The scheme will provide €70 billion of equity, quasi-equity, loans and guarantees from the EIB Group between 2025 and 2027. It will also call on private capital to generate at least €250 billion of investment. The first wave of TechEU projects will be devoted to clean industries. "This concerns the products needed to build energy networks. It's about guarantees for clean technology innovators. We also need to support the wind power industry and the deployment of power purchase agreements, which are essential to stabilise energy prices for Europe's major industries," said Calviño. The EIB President stressed that the green transition and technology also contribute to the EU's strategic autonomy. The European Commission has formally introduced restrictions previously reported by Euronews in response to what it describes as discriminatory barriers imposed by China against European medical device manufacturers. Following a detailed investigation, the Commission found "clear evidence" that China had been unfairly blocking EU-made medical devices from its public procurement market. This marks the first countermeasure taken under the International Procurement Instrument (IPI), which came into force in August 2022 to promote fair access for EU firms to procurement opportunities outside the bloc. 'Our aim with these measures is to level the playing field for EU businesses. We remain committed to dialogue with China to resolve these issues,' said Trade Commissioner Maroš Šefčovič. Under the new rules, Chinese companies are barred from bidding on public contracts for medical devices in the EU single market that exceed €5 million. Additionally, successful bids must contain no more than 50% of inputs originating from China. According to the Commission, the measures are proportionate to China's own restrictions and are designed to ensure the continued availability of critical medical equipment for EU healthcare systems. Exceptions will apply in cases where no viable alternative suppliers are available. The Commission pointed out that the decision aligns with international trade obligations, including those under the World Trade Organization (WTO), noting that the EU has no binding procurement commitments with China. EU-based medical device companies have long struggled to access China's procurement market, despite China being one of the bloc's largest export destinations for such products, accounting for 11% of exports in 2022. The Commission's investigation focused on China's government procurement law, which enforces a "Buy China" policy, requiring public institutions to prioritise domestic products and services. The probe identified several barriers faced by EU firms, including opaque approval processes, discriminatory certification practices, ambiguous national interest clauses used to exclude foreign suppliers, and unsustainable pricing requirements. According to a 2025 Commission report, 87% of public procurement contracts for medical devices in China were subject to exclusionary and discriminatory practices against EU suppliers. The new EU measures come at a delicate moment in EU-China relations, which are undergoing a cautious diplomatic reset. Both sides have intensified efforts to manage longstanding disputes amid shifting global dynamics, including the aftermath of the Trump-era trade wars and ongoing US-China tensions. A key milestone in this renewed dialogue is the upcoming EU-China Summit, now scheduled to take place in Beijing in the second half of July 2025. Meanwhile, reciprocal actions continue to define the trade relationship. China has extended its anti-dumping investigation into EU pork imports by six months, while the EU recently imposed tariffs of up to 45% on Chinese electric vehicles (EVs), reflecting a strategic pattern of targeting politically sensitive industries ahead of high-level negotiations.
Zawya
8 hours ago
- Business
- Zawya
EU to lift EIB lending limit to $115bln in defence push
LONDON/BRUSSELS - EU governments have agreed to lift the annual spending of the bloc's powerful European Investment Bank (EIB) lending arm to 100 billion euros ($115 billion) this year and treble its funding for the EU's defence industry. Sources briefed on the plans said the decision was approved at an EIB board meeting in Luxembourg ahead of a formal sign-off expected by EU finance ministers later on Friday. They spoke on condition of anonymity because the information was not yet public. The new 100 billion euro annual spending ceiling is more than 10 billion euros above the amount the EIB lent last year and 5 billion higher than 95 billion euros the bank's President Nadia Calvino set as a target at the start of the year. It will also allow it to more than treble its funding for defence-related projects. The amount will go up 3.5 billion euros from 1 billion euros last year and be well above the 2 billion euros it had flagged would be spent back in January, the sources said. The EIB is prohibited from investing directly in weapons or ammunition but it can lend for so-called "dual use" purposes, such as GPS systems or buildings and infrastructure for army bases. It has signed off on funding for one such base in Lithuania near the border with Belarus where German troops are due to be permanently deployed on foreign soil for the first time since the Nazi military in World War II. European nations are scrambling to ramp up their defence spending amid pressure from U.S. President Donald Trump who has signalled plans to reduce the decades-long U.S. security backstop for the continent. It also comes just days before a NATO summit in The Hague where the alliance's members are under pressure to raise their defence commitments. The increased EIB lending is set to funnel money into other areas as well, the sources said, including technology innovation and renewable energy. It follows a mid-year review of its operational plan and comes after it got approval last year to raise its so-called gearing ratio, which sets out a nominal maximum for the amount of loans on its balance sheet as a percentage of its subscribed capital. EU officials said the bank, already the biggest multilateral lender in the world, is also likely to announce plans to pump 70 billion euros into the development of European technology firms over the next three years. The programme, called Tech EU, aims to help Europe better compete with China and the United States in the race for cutting-edge tech like supercomputing, robotics and artificial intelligence as well as renewable energy. The 70 billion euros funding is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said. They hope the money to mobilise a further 250 billion euros of private investor funding and complement broader European Commission efforts to support startups and higher risk ventures. ($1 = 0.8727 euros)
Asharq Al-Awsat
9 hours ago
- Business
- Asharq Al-Awsat
EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027
The European Investment Bank is likely to announce on Friday plans to pump 70 billion euros into the development of European technology firms over the next three years, EU officials said. The program, called Tech EU, is meant to help Europe compete with China and the United States in the race for innovative clean and digital technologies. The EIB, the biggest multilateral lender in the world with a balance sheet total of 556 billion euros, expects its own 70 bln euros to mobilize a further 250 billion euros of private cash as investors crowd into projects supported by the EIB, Reuters quoted EU officials as saying. The 70 billion is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said. The plan is to complement European Commission efforts to support higher risk ventures and innovative companies throughout their investment journey, from proof of concept to an initial public offering. The EIB wants to focus on supercomputing, artificial intelligence, digital infrastructure, critical raw materials, green industries such as offshore wind, health, security and defense technologies, robotics and advanced materials, the officials said.
Reuters
10 hours ago
- Business
- Reuters
EU to lift EIB lending limit to 100 billion euros in defence push, sources say
LONDON/BRUSSELS, June 20 (Reuters) - EU governments have agreed to lift the annual spending of the bloc's powerful European Investment Bank (EIB) lending arm to 100 billion euros ($115 billion) this year and treble its funding for the EU's defence industry, said sources briefed on the plans. The sources said the decision was approved at an EIB board meeting in Luxembourg ahead of a formal sign off expected by EU finance ministers later on Friday. They spoke on condition of anonymity because the information was not yet public. The new 100 billion euro annual spending ceiling is more than 10 billion euros above the amount the EIB lent last year and 5 billion higher than 95 billion euros the bank's President Nadia Calvino set as a target at the start of the year. It will also allow it to more than treble its funding for defence-related projects. The amount will go up 3.5 billion euros from 1 billion euros last year and be well above the 2 billion euros it had flagged would be spent back in January, the sources said. The EIB is prohibited from investing directly in weapons or ammunition but it can lend for so-called "dual use" purposes, such as GPS systems or buildings and infrastructure for army bases. It has signed off on funding for one such base in Lithuania near the border with Belarus where German troops are due to be permanently deployed on foreign soil for the first time since the Nazi military in World War II. European nations are scrambling to ramp up their defence spending amid ongoing pressure from U.S. President Donald Trump who has signalled plans to reduce the decades-long U.S. security backstop for the continent. It also comes just days before a NATO summit in The Hague where the alliance's members are under pressure to raise their defence commitments. The increased EIB lending is set to funnel money into other areas as well, the sources said, including technology innovation and renewable energy. It follows a mid-year review of its operational plan and comes after it got approval last year to raise its so-called gearing ratio, which sets out a nominal maximum for the amount of loans on its balance sheet as a percentage of its subscribed capital. ($1 = 0.8727 euros)
