On 1 July 2026, The Left Group tabled an amendment to the European Parliament's annual report on the financial activities of the European Investment Bank (EIB) for 2025, proposing to prohibit the EIB from using its resources to fund or promote militarisation. The amendment, tabled by MEPs João Oliveira and Marc Botenga, would insert a new paragraph redirecting the EIB's purpose towards meeting citizens' economic and social needs, specifically addressing the rising cost of living and the right to decent, sustainable, and affordable housing. This is a proposed change to the draft report by rapporteur Joachim Streit (A10-0170/2026), and has not yet been voted on in committee or plenary.
The amendment directly challenges the evolving debate over the EIB's role in defence and security financing, which has gained traction in the current EU legislative cycle. The Left's position is that the EIB should remain a purely civilian institution focused on social and economic objectives, not a tool for military spending. The amendment would impose a binding prohibition on EIB involvement in militarisation, rather than a mere recommendation. This represents a maximalist stance in the ongoing policy discussion, contrasting with any potential support in the draft report for expanding the EIB's role in defence investments.
As the only political group to table amendments to this report, The Left's proposal sets up a clear cleavage in the upcoming committee and plenary debates: whether the EIB should be allowed to finance defence-related projects, or whether it should be strictly limited to civilian investments. The amendment would have significant implications for stakeholders: EU taxpayers could see EIB funds redirected from defence to social housing and cost-of-living relief, while defence industries would lose access to a potential new source of EU-backed financing. The EIB itself would face a narrower mandate, potentially limiting its ability to respond to calls from some member states and EU institutions to support European security objectives. The amendment is scheduled for consideration in the committee responsible, followed by a plenary vote that will determine whether it becomes part of Parliament's position for negotiations with the Council.