Brussels: The European Commission and the European Investment Bank Group (EIB Group) have announced a new partnership aimed at making Europe a leading continent in artificial intelligence (AI). Executive Vice-President for Tech Sovereignty, Security and Democracy, Henna Virkkunen, President of the EIB Group, Nadia Calvino, and Deputy Chief Executive of the European Investment Fund, Merete Clausen, signed a memorandum of understanding to promote the development and deployment of AI Gigafactories across the European Union.
According to Cyprus News Agency, the memorandum establishes a framework to accelerate the financing and development of AI Gigafactories, which will serve as the cornerstone of Europe’s future AI infrastructure. The EIB Group is set to provide tailored advisory support to consortia that have responded to the Commission’s informal Call for Expression of Interest. This guidance is intended to transform ambitious projects into bankable initiatives that can compete in the formal call for AI Gigafactories, slated for early 2026, potentially opening doors for EIB co-financing.
The agreement is part of the broader InvestAI initiative, which was unveiled by President Ursula von der Leyen at the AI Action Summit in Paris in February 2025. InvestAI aims to manage a £20 billion facility to support up to five AI Gigafactories, which are large-scale computing facilities dedicated to developing and training next-generation AI models. This partnership is expected to not only unlock investment but also translate Europe’s AI vision into tangible, large-scale facilities that foster innovation, bolster technological sovereignty, and position the EU as a global leader in artificial intelligence.
In addition to AI developments, the European Commission has updated its list of high-risk jurisdictions concerning their national anti-money laundering and countering the financing of terrorism regimes. The update aligns with decisions made at the Financial Action Task Force (FATF) and its list of ‘Jurisdictions under Increased Monitoring’. New jurisdictions added to the list include Bolivia and the British Virgin Islands, while Burkina Faso, Mali, Mozambique, Nigeria, South Africa, and Tanzania have been delisted.
Furthermore, the Commission has approved Bosnia and Herzegovina’s Reform Agenda, a pivotal step towards releasing up to £976.6 million under the EU’s Reform and Growth Facility. This move is part of the Western Balkans Growth Plan, which aims to bring the economies of the Western Balkans closer to the EU. In another development, Greece, Bulgaria, and Romania have signed a Memorandum of Understanding to enhance cross-border cooperation in transport infrastructure, establishing the Black Sea-Aegean Sea Corridor Platform.
The European Commission also announced winners of the 2026 European Capital of Innovation Awards, with Grenoble Alpes M©tropole and Aalborg taking the top honors. These awards celebrate cities that excel in adopting innovative solutions to improve the lives of their residents. Additionally, the Commission has launched three new funding opportunities under the Innovation Fund, totaling £5.2 billion, aimed at supporting the EU’s climate and energy objectives.
In a separate initiative, the Commission has presented a new EU Drugs Strategy and Action Plan against drug trafficking, as well as updated rules for monitoring drug precursors. These measures are part of a comprehensive EU response to the security, health, and social challenges linked to the trafficking and use of illicit drugs.