EIB and Canada Sign Agreement to Boost Investment in Critical Mineral Projects

The agreement follows a Letter of Intent signed in Toronto in March and establishes a framework for the EIB to consider financing and advisory support for eligible Canadian projects.

The European Investment Bank (EIB) and the Government of Canada have signed a Framework Agreement that opens the door to EIB investment in Canada, with critical raw materials expected to be an early focus. Signed at the EU-Canada Summit in Montréal, the agreement supports closer cooperation on investment, trade and economic security. It gives the two partners a basis for developing projects that could expand mineral supply chains and reduce reliance on a narrow group of suppliers.

The agreement follows a Letter of Intent signed in Toronto in March and establishes a framework for the EIB to consider financing and advisory support for eligible Canadian projects. Available support includes loans, guarantees, equity and quasi-equity investments, alongside technical assistance that can help projects move towards development. These options give the bank several ways to support investment, with individual proposals subject to its usual assessment and approval requirements.

Canada's mineral resources and mining expertise offer opportunities for Europe as it seeks more diverse supplies through partnerships built around high environmental and social standards. Cooperation could cover extraction, processing, refining and recycling, supporting more of the work needed to turn mineral resources into materials used by industry. For both partners, the expected benefits extend beyond access to resources to include stronger industrial links, greater competitiveness and more secure supply chains.

Canadian projects enter the investment pipeline

Since the March Letter of Intent, the EIB has begun discussions with Canadian companies and public and private financial institutions to identify potential critical raw material investments. That work focuses on projects supporting European strategic objectives, and the bank plans to establish a presence in Ottawa to support its activities on the ground. EIB Vice-President Nicola Beer described the partnership as a way to bring Canada's resources and expertise together with Europe's investment, technology and large market, turning those strengths into projects that reduce strategic dependencies.

Ministers link mineral investment to jobs and economic security

Canada's Minister of Finance and National Revenue, François-Philippe Champagne, said the agreement would help drive strategic investment in Canadian critical mineral projects and secure resources needed by both economies. Minister of Energy and Natural Resources Tim Hodgson highlighted Canada's resources, expertise and ambition in mining, linking new investment to prosperity for workers, communities and Indigenous partners. Their comments placed the agreement within a broader effort to deepen Canada-Europe economic ties and build competitive supply chains that strengthen economic security on both sides of the Atlantic.

Agreement creates a foundation for wider industrial cooperation

European Commission Executive Vice-President for Prosperity and Industrial Strategy Stéphane Séjourné described the agreement as a step towards an EU-Canada industrial alliance, combining Canadian resources with European technology, industrial expertise and investment capacity. He linked cooperation across extraction, refining and recycling to the creation of industrial value, jobs and prosperity, as well as stronger economic sovereignty. The agreement provides the legal basis for EIB financing and technical assistance for eligible Canadian projects, together with the bank's funding and treasury activities in the country, with each financing operation requiring standard EIB appraisal and approval.