Funding Ukraine weapons would put EU lending arm on ‘wrong track’, outgoing chief warns

The head of the European Investment Bank (EIB) has warned his successor not to fund weapons for Ukraine, as it would harm the bank’s image and credibility. The EIB, one of the largest providers of climate finance, will play a key role in Ukraine’s rebuild effort, but some politicians have suggested using its funding for defense industry purposes. The EIB’s next head will also lead the bank’s efforts in Europe’s transition to a digitized, net-zero-carbon economy. The EIB is also building a relationship with Latin America and is part of efforts to curb deforestation in the Amazon.