Investing.com -- The European Investment Bank (EIB) has plans to double its facilitated investments in the defense and security sector this year, according to the bank's president, Nadia Calvino. The move comes as Europe aims to stimulate growth in these industries.

In the previous year, the EIB had mobilized €1 billion ($1 billion) in investments for the security and defense industry. Calvino, speaking at the World Economic Forum in Davos on Thursday, stated that the bank expects to double this amount in 2025.

The EIB has assisted in financing various defense projects, including military mobility, infrastructure, and satellites. Calvino indicated that 2025 could witness larger European projects in the defense and security sectors.

In addition to focusing on defense and security, Europe will persist in leading the transition towards a greener economy, Calvino said. This commitment remains strong even as corporations and governments in other regions are reducing public commitments to environmental sustainability.

Calvino emphasized the importance of Europe's shift away from fossil fuels, labeling it a "no-brainer." She stressed that becoming independent of fossil fuels is not just an environmental concern, but also a matter of security and competitiveness for Europe.

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