European Commission increases its funding target for the first half of 2026

The European Commission has increased its funding target for EU-Bonds for the January to June 2026 period by €10 billion, to a total of €100bn for the first half of 2026, instead of the €90bn announced last December. This follows the adoption of the relevant legislative procedures for the new Ukraine Support Loan for the period 2026-2027. The Commission has also increased the indicative annual EU-Bond issuance volume for 2026 by €20bn, going up to a total of €180bn.

The funds raised will be used to deliver loans to EU member states under the NextGenerationEU programme as well as loans to support the procurement of defence-related capabilities under the Security Action for Europe (SAFE) instrument. Other policy programmes such as the Ukraine Facility, the Reform and Growth Facility for the Western Balkans and Macro Financial Assistance loans to neighbouring countries will also be financed by EU borrowing.

In line with established market practice and as part of its unified funding approach, the Commission publishes on a regular basis the annual borrowing decision and semi-annual funding plans. The annual borrowing decision and the funding plan are key to ensure sound financial management, accountability and transparency in implementation of the EU's debt management operations.

The annual borrowing decision lays out the maximum amount of borrowing the Commission can execute in a given year. The semi-annual funding plan sets out the Commission's indicative issuance calendar and expected total issuance volumes for the forthcoming 6 months.

You can find the updated funding plan on the dedicated borrowing and lending web page.

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