European Investment Bank VP Nicola Beer and Finance Minister François-Philippe Champagne signed a Framework Agreement to allow the EIB to invest in Canadian projects. / MEANS & WAYS PHOTO
MONTREAL—The European Investment Bank (EIB) and the Government of Canada have signed an agreement that could unlock new financing for Canadian critical minerals projects as both sides seek to strengthen supply chains and reduce dependence on foreign suppliers.
Signed at the EU-Canada Summit in Montreal, the Framework Agreement establishes the legal basis for the EIB to finance eligible Canadian projects through loans, guarantees, equity investments and technical assistance.
Critical minerals are expected to be an early focus, including projects involving mining, processing, refining and recycling as Europe is looking to secure more partnerships that share a commitment to sustainability.
“Europe and Canada have what each other needs,” said EIB Vice-President Nicola Beer, who signed the agreement with Finance Minister François-Philippe Champagne. “Canada has world-class resources and expertise, while Europe offers investment, technology and a huge market. This agreement can bring those strengths together.”
Champagne said in a press release that Canada and the EU are natural partners and the framework agreement “will help drive strategic investments in Canadian critical mineral projects, secure access to the resources both our economies need, and reduce strategic dependencies. Together, we are strengthening our economic security on both sides of the Atlantic.”
The EIB is the financing arm of the European Union, owned by its 27 member countries. One of the world's largest multilateral development banks, it provides loans, investment capital, guarantees and technical advice to projects that support EU priorities, including clean energy, infrastructure, innovation and economic security.
The agreement follows a non-binding Letter of Intent signed by Canada and the EIB at the PDAC 2026 mining convention in Toronto in March.
Since then, the EIB has begun discussions with Canadian companies and financial institutions to identify potential investment opportunities. It also plans to establish a presence in Ottawa.
Federal Energy and Natural Resources Minister Tim Hodgson welcomed the agreement.
“This Framework Agreement marks a critical step in strengthening Canada-EU economic ties and unlocking investment in Canadian resource projects,” Hodgson said in a press release.
The partnership could help Canadian mining companies access additional financing while providing Europe with more reliable supplies of minerals essential for electric vehicles, renewable energy technologies, electronics and defence equipment.
The EIB has made critical raw materials a strategic priority, however, the new agreement does not commit funding to specific Canadian projects.
