The European Investment Bank is due to sign a framework agreement with Canada this week that will pave the way for investments into critical raw materials and other areas, a Bank official told POLITICO. The deal with the long-term lending arm of the European Union is expected to be signed on the sidelines of an EU-Canada summit on Thursday in Montreal, said the official who was granted anonymity to discuss internal preparations. Such a deal would mark a concrete step toward closer ties amid broader discussions about cooperation on arctic security and the EU’s potential offer of “associate member” status to Canada.
The summit will aim to highlight deepening ties between like-minded partners. The signing follows a September visit to Ottawa by EIB President Nadia Calviño, during which she took the first steps toward establishing a permanent Canadian presence for the bank. The imminent framework agreement is significant given that the EIB typically operates only in developing countries or members of the EU or the European Economic Area.
Earlier this year, Canada offered G7 members “priority access” to its critical raw minerals stockpile, according to a letter seen by POLITICO. Canadian Prime Minister Mark Carney has also said he wants to boost EU-Canada cooperation on critical raw materials.
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