STORY: The plan underscores an increasing willingness in the region to lend to defence companies, after Russia's full-scale invasion of Ukraine changed an entrenched view that the region was safe from attack and could rely on the United States for protection.
"It's clear we need to reinforce Europe's security and defence industry," Calvino said. "We have earmarked 8 billion euros to invest in this area, of which only 2 billion have been invested."
The move marks another modest attempt by Europe to keep up with Russia, which has put its entire economy on a war footing.
Calvino said that a special team had been set up to invest the money.
The European Investment Bank recently changed the rules underpinning its activity, allowing it to invest more easily in defence firms, as well as creating a fund to buy into firms, alongside other ordinary companies.
