EIB and National Bank of Greece join forces to boost financing for security and defence businesses

• New €250 million EIB-NBG financing package will improve access to finance for Greek SMEs and Mid-Caps, with a strong focus on security and defence.
• At least half of the financing will support eligible investments in the security and defence sector.
• The agreement includes the EIB's first Security & Defence operation implemented through a covered bond structure.

The European Investment Bank (EIB) and the National Bank of Greece (NBG) are joining forces to make more financing available to Greek businesses, particularly those investing in security and defence. The financing package marks the first dedicated Security & Defence cooperation between the EIB and NBG and further strengthens a longstanding partnership that has delivered around EUR 2.5 billion of operations over the past five years. The new €250 million package will help small and medium-sized enterprises (SMEs) and Mid-Caps access financing on more favourable terms to invest, expand their activities and strengthen their competitiveness.

At least 50% of the financing will be dedicated to eligible investments in security and defence, an area where companies especially smaller businesses can often face greater difficulties in accessing finance.

The package consists of €200 million in EIB financing through an NBG covered bond and a €50 million EIB guarantee. Together, the two operations will enable NBG to provide additional financing to eligible companies, including for new investments and working capital. The €200 million operation is the first EIB security and defence financing to be delivered through a covered bond structure. While covered bonds are a well-established market instrument, this transaction uses the structure as a new channel for directing EIB-supported financing towards eligible security and defence investments. It is also the first EIB covered bond-based financing operation with a Greek bank since 2019. The transaction will provide NBG with long-term funding, diversify its funding sources and support the renewed use of covered bonds in the Greek market.

Through the €50 million guarantee, the EIB will share part of the risk of new financing provided by NBG to eligible Mid-Caps in the security and defence sector. This will allow more financing to reach companies operating in this strategically important area.

EIB Vice-President Yannis Tsakiris said: "Strengthening Europe's security and defence starts with strengthening the companies that have the ideas, technology and capacity to deliver. With this agreement, we are helping Greek businesses access the financing they need to invest, innovate and grow. At the same time, this is a European first and another sign that Greece can play an important role in building a stronger and more resilient European security and defence industry."

NBG CEO Pavlos Mylonas noted: "This partnership is fully aligned with Europe's objectives of strengthening its security and defence and building greater strategic resilience. By directing EIB-supported financing to Greek SMEs and Mid-Caps, we are helping innovative companies in a strategically vital sector to invest, grow and compete. NBG is proud to contribute to the wider European effort to reinforce the continent's defence industrial base, while further deepening a longstanding and successful partnership with the EIB."

Background information   

The EIB Group  

The European Investment Bank (EIB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion in new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe's markets for venture debt, venture capital, guarantees and securitisations.

The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees, securitisation and equity to improve access to finance for small and medium-sized businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilises private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs.

With the support of all 27 EU governments, the EIF has joined forces with institutional investors in a pan-European alliance to mobilise up to €80 billion for investment into innovative companies scaling up to become global leaders. The joint effort will expand the size and scope of the highly successful European Tech Champions Initiative, which has helped create 15 European mega-funds and scale 45 companies, including 12 unicorns, since being established three years ago.