Brussels – The European Investment Bank (EIB) invested 13.8 billion euros in Spain in 2025, the highest figure among European Union countries and almost 14% of the total 100 billion in financing channeled by the public bank, in line with the percentage of the previous year.
Of this investment, 2.9 billion euros came from post-pandemic recovery funds that were transferred to the Spanish economy through the EIB, which partly explains why Spain is at the top in financing, according to the 2025 results published today by the institution.
“2025 has been a record year for the EIB in Spain for two fundamental reasons. One, the strength and dynamism of the Spanish economy, which has a demand for investment in high-quality projects. And secondly, due to a situation that will not continue indefinitely (…) which is the implementation of the Next Generation EU loans,” said EIB President Nadia Calviño in statements to the press.
These loans from the post-Covid recovery fund began to be channeled in 2025 through the EIB in the different Autonomous Communities, added the former vice president of the Spanish Government, who considered that “it is too early to know how business will develop in 2026” in Spain.
Behind Spain are France, the second-largest recipient in absolute terms with 13.121 billion euros, including 121 million in recovery funds; Italy (12.343 billion euros, of which 343 million are post-Covid funds), Germany (10.4 billion), Poland (8 billion euros) and the Netherlands (4.1 billion).
If the contribution from the recovery fund is not taken into account, Spain would rank as the third-largest beneficiary behind France and Italy, according to EIB data, which will present the country results for each financing area in Spain on February 9.
Record figure in 2025
Overall, the EIB invested a “record” amount of 100 billion in 2025, above the 89 billion in 2024, and expects to maintain this volume also in 2026, Calviño explained at a press conference.
Almost 60% (57 billion euros) of the total went to “green” projects and, within this category, a “record” volume of 11.6 billion euros was dedicated to energy grids and storage which, according to EIB estimates, will help build or upgrade 56,000 kilometers of energy lines, including the Bay of Biscay interconnector between the Iberian Peninsula and France.
Last year the institution also launched the TechEU technology and innovation investment program, with which it has already invested 22.4 billion and expects to mobilize at least 250 billion by 2027.
Defense and housing
The main change was, however, the increase in investment allocated to security and defense, which quadrupled to 4 billion euros, above the target set after the EIB agreed to expand the projects eligible to receive funds.
With this, the institution has reached the goal it had set for 2026 of allocating 5% of total investment to this area, and Calviño said that, although it is too early to anticipate how investments and contracts will evolve, she does not rule out that this target may be revised upwards.
Projects in this area include military fields, research and development in radar and aviation systems, sensors for the protection of underwater assets, security infrastructure or space capabilities, among others.
In terms of housing, the EIB managed to mobilize 5 billion through its Affordable and Sustainable Housing Plan, particularly for innovation, renovation and new buildings, almost 50% more than the previous year and an amount the bank plans to increase.
“We expect to continue on this upward path also in 2026,” said Calviño, who stressed that Spain is one of the “main markets” in which the EIB is operating, with “important projects in Barcelona” and innovation projects that are experimenting with new materials and in housing renovation.
Likewise, last year the EIB allocated 16 billion euros in guarantees and equity financing for small businesses and start-ups through the European Investment Fund, its venture investment subsidiary; as well as 9 billion to investments outside the EU. (29 January)
