Pöördumine

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.

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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