The European Investment Bank (EIB), the EU’s lending arm, announced its largest commercial loan ever on Monday, saying it would provide plane manufacturer Airbus with €3 billion ($3.4 billion) to boost the company’s research and development efforts.
“This new financing — unprecedented in the EIB’s history — aims to provide Airbus with not only the capacity but also the flexibility needed to invest in long-term research, development and innovation across both commercial aviation and the security and defense sectors,” said EIB Vice President Ambroise Fayolle.
The loan comes as the European Union seeks to bolster its own manufacturing and defense efforts in the face of stiff US and Chinese competition.
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Edited by: Roshni Majumdar
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