The Geopolitics of Greed and Gas
THE ACTORS: Who is involved in this story? The European Investment Bank (EIB): The EU's lending arm, founded in 1958, which funds projects supporting EU policies. Its mandates often include development, climate action, and external activities. Its return signals a thawing in EU-Turkey relations. Turkey (Ankara): Led by President Recep Tayyip Erdoğan, Turkey has been actively pursuing influence and
resource exploration in the Eastern Mediterranean, leading to friction with EU members like Cyprus and Greece. Greece and Cyprus: EU member states with significant maritime claims in the Eastern Mediterranean, bringing them into conflict with Turkey over gas exploration rights. European Commission (EC): The executive arm of the EU, which often dictates the broader diplomatic approach to non-member
states. THE FUNDING: Where does their money come from? The EIB is owned by the 27 EU member states. Its funding comes primarily from issuing bonds on capital markets (EIB, 2023 Annual Report). The loans to Turkey will be directed towards 'green energy' projects, a common, often politically convenient, categorization for infrastructure spending. While specific amounts for these renewed loans are
not yet public, past EIB engagement with Turkey totaled billions. For instance, in 2017, before the 'freeze,' the EIB approved €500 million for the Trans-Anatolian Natural Gas Pipeline (TANAP), a critical project for European energy diversification. THE INCENTIVES: What do they gain from this narrative? For the EIB/EU: Stability in a geopolitically crucial region, potential diversification of