Category: Eurozone

MIL-Evening Report: Trump’s worldview is causing a global shift of alliances – what does this mean for nations in the middle?

Source: The Conversation (Au and NZ) – By Dilnoza Ubaydullaeva, Lecturer in Government – National Security College, Australian National University

Since US President Donald Trump took office this year, one theme has come up time and again: his rule is a threat to the US-led international order.

As the US political scientist John Mearsheimer famously argued, the liberal international order

was destined to fail from the start, as it contained the seeds of its own destruction.

This perspective has gained traction in recent years. And now, Trump’s actions have caused many to question whether a new world order is emerging.

Trump has expressed a desire for a new international order defined by multiple spheres of influence — one in which powers like the US, China and Russia each exert dominance over distinct regions.

This vision aligns with the idea of a “multipolar” world, where no single state holds overarching global dominance. Instead, influence is distributed among several great powers, each maintaining its own regional sphere.

This architecture contrasts sharply with earlier periods – the bipolar world of the Cold War, dominated by the US and the Soviet Union; and the unipolar period that followed, dominated by the US.

What does this mean for the world order moving forward?

Shifting US spheres of influence

We’ve seen this shift taking place in recent months. For example, Trump has backed away from his pledge to end the war between Russia and Ukraine and now appears to be leaving it to the main protagonists, and Europe, to find a solution.

Europe, which once largely spoke in a unified voice with the US, is also showing signs of policy-making which is more independent. Rather than framing its actions as protecting “Western democratic principles”, Europe is increasingly focused on defining its own security interests.

In the Middle East, the US will likely maintain its sphere of influence. It will continue its unequivocal support for Israel under Trump.

Amid shifting global alliances, the Trump administration will continue to support Israel, led by Prime Minister Benjamin Netanyahu.
noamgalai/Shutterstock

The US will also involve itself in the region’s politics when its interests are at stake, as we witnessed in its recent strikes on Iranian nuclear facilities.

This, along with increasing economic ties between the US and Gulf states, suggests US allies in the region will remain the dominant voices shaping regional dynamics, particularly now with Iran weakened.

Yet it’s clear Trump is reshaping US dynamics in the region by signaling a desire for reduced military and political involvement, and criticising the nation building efforts of previous administrations.

The Trump administration now appears to want to maintain its sphere of influence primarily through strong economic ties.

Russia and China poles emerging elsewhere

Meanwhile, other poles are emerging in the Global South. Russia and China have deepened their cooperation, positioning themselves as defenders against what they frame as Western hegemonic bullying.

Trump’s trade policies and sanctions against many nations in the Global South have fuelled narratives (spread by China and Russia) that the US does not consistently adhere to the rules it imposes on others.

Trump’s decision to slash funding to USAID has also opened the door to China, in particular, to become the main development partner for nations in Africa and other parts of the world.

And on the security front, Russia has become more involved in many African and Middle Eastern countries, which have become less trustful and reliant on Western powers.

Russian President Vladimir Putin and Chinese leader Xi Xinping see opportunities to spread their influence in the Global South.
plavi011/Shutterstock

In the Indo-Pacific, much attention has been given to the rise of China and its increasingly assertive posture. Many of Washington’s traditional allies are nervous about its continued engagement in the region and ability to counter China’s rise.

Chinese leader Xi Jinping has sought to take advantage of the current environment, embarking on a Vietnam, Malaysia and Cambodia push earlier this year. But many nations continue to be wary of China’s increasing influence, in particular the Philippines, which has clashed with China over the South China Sea.

Strategic hedging

Not all countries, however, are aligning themselves neatly with one pole or another.

For small states caught between great powers, navigating this multipolar environment is both a risk and an opportunity.

Ukraine is a case in point. As a sovereign state, Ukraine should have the freedom to decide its own alignments. Yet, it finds itself ensnared in great power politics, with devastating consequences.

Other small states are playing a different game — pivoting from one power to another based on their immediate interests.

Slovakia, for instance, is both a NATO and EU member, yet its leader, Robert Fico, attended Russia’s Victory Day Parade in May and told President Vladimir Putin he wanted to maintain “normal relations” with Russia.

Then there is Central Asia, which is the centre of a renewed “great game,” with Russia, China and Europe vying for influence and economic partnerships.

Yet if any Central Asian countries were to be invaded by Putin, would other powers intervene? It’s a difficult question to answer. Major powers are reluctant to engage in direct conflict unless their core interests or borders are directly threatened.

As a result, Central Asian states are hedging their bets, seeking to maintain relations with multiple poles, despite their conflicting agendas.

A future defined by regional power blocs?

While it is still early to draw definitive conclusions, the events of the past few months underscore a growing trend. Smaller countries are expressing solidarity with one power, but pragmatic cooperation with another, when it suits their national interests.

For this reason, regional power blocs seem to be of increasing interest to countries in the Global South.

For instance, the China-led Shanghai Cooperation Organisation has become a stronger and larger grouping of nations across Eurasia in recent years.

Trump’s focus on making “America Great Again,” has taken the load off the US carrying liberal order leadership. A multipolar world may not be the end of the liberal international order, but it may be a reshaped version of liberal governance.

How “liberal” it can be will likely depend on what each regional power, or pole, will make of it.

Dilnoza Ubaydullaeva does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Trump’s worldview is causing a global shift of alliances – what does this mean for nations in the middle? – https://theconversation.com/trumps-worldview-is-causing-a-global-shift-of-alliances-what-does-this-mean-for-nations-in-the-middle-257113

MIL OSI Analysis – EveningReport.nz –

July 1, 2025
MIL-Evening Report: Trump’s worldview is causing a global shift of alliances – what does this mean for nations in the middle?

Source: The Conversation (Au and NZ) – By Dilnoza Ubaydullaeva, Lecturer in Government – National Security College, Australian National University

Since US President Donald Trump took office this year, one theme has come up time and again: his rule is a threat to the US-led international order.

As the US political scientist John Mearsheimer famously argued, the liberal international order

was destined to fail from the start, as it contained the seeds of its own destruction.

This perspective has gained traction in recent years. And now, Trump’s actions have caused many to question whether a new world order is emerging.

Trump has expressed a desire for a new international order defined by multiple spheres of influence — one in which powers like the US, China and Russia each exert dominance over distinct regions.

This vision aligns with the idea of a “multipolar” world, where no single state holds overarching global dominance. Instead, influence is distributed among several great powers, each maintaining its own regional sphere.

This architecture contrasts sharply with earlier periods – the bipolar world of the Cold War, dominated by the US and the Soviet Union; and the unipolar period that followed, dominated by the US.

What does this mean for the world order moving forward?

Shifting US spheres of influence

We’ve seen this shift taking place in recent months. For example, Trump has backed away from his pledge to end the war between Russia and Ukraine and now appears to be leaving it to the main protagonists, and Europe, to find a solution.

Europe, which once largely spoke in a unified voice with the US, is also showing signs of policy-making which is more independent. Rather than framing its actions as protecting “Western democratic principles”, Europe is increasingly focused on defining its own security interests.

In the Middle East, the US will likely maintain its sphere of influence. It will continue its unequivocal support for Israel under Trump.

Amid shifting global alliances, the Trump administration will continue to support Israel, led by Prime Minister Benjamin Netanyahu.
noamgalai/Shutterstock

The US will also involve itself in the region’s politics when its interests are at stake, as we witnessed in its recent strikes on Iranian nuclear facilities.

This, along with increasing economic ties between the US and Gulf states, suggests US allies in the region will remain the dominant voices shaping regional dynamics, particularly now with Iran weakened.

Yet it’s clear Trump is reshaping US dynamics in the region by signaling a desire for reduced military and political involvement, and criticising the nation building efforts of previous administrations.

The Trump administration now appears to want to maintain its sphere of influence primarily through strong economic ties.

Russia and China poles emerging elsewhere

Meanwhile, other poles are emerging in the Global South. Russia and China have deepened their cooperation, positioning themselves as defenders against what they frame as Western hegemonic bullying.

Trump’s trade policies and sanctions against many nations in the Global South have fuelled narratives (spread by China and Russia) that the US does not consistently adhere to the rules it imposes on others.

Trump’s decision to slash funding to USAID has also opened the door to China, in particular, to become the main development partner for nations in Africa and other parts of the world.

And on the security front, Russia has become more involved in many African and Middle Eastern countries, which have become less trustful and reliant on Western powers.

Russian President Vladimir Putin and Chinese leader Xi Xinping see opportunities to spread their influence in the Global South.
plavi011/Shutterstock

In the Indo-Pacific, much attention has been given to the rise of China and its increasingly assertive posture. Many of Washington’s traditional allies are nervous about its continued engagement in the region and ability to counter China’s rise.

Chinese leader Xi Jinping has sought to take advantage of the current environment, embarking on a Vietnam, Malaysia and Cambodia push earlier this year. But many nations continue to be wary of China’s increasing influence, in particular the Philippines, which has clashed with China over the South China Sea.

Strategic hedging

Not all countries, however, are aligning themselves neatly with one pole or another.

For small states caught between great powers, navigating this multipolar environment is both a risk and an opportunity.

Ukraine is a case in point. As a sovereign state, Ukraine should have the freedom to decide its own alignments. Yet, it finds itself ensnared in great power politics, with devastating consequences.

Other small states are playing a different game — pivoting from one power to another based on their immediate interests.

Slovakia, for instance, is both a NATO and EU member, yet its leader, Robert Fico, attended Russia’s Victory Day Parade in May and told President Vladimir Putin he wanted to maintain “normal relations” with Russia.

Then there is Central Asia, which is the centre of a renewed “great game,” with Russia, China and Europe vying for influence and economic partnerships.

Yet if any Central Asian countries were to be invaded by Putin, would other powers intervene? It’s a difficult question to answer. Major powers are reluctant to engage in direct conflict unless their core interests or borders are directly threatened.

As a result, Central Asian states are hedging their bets, seeking to maintain relations with multiple poles, despite their conflicting agendas.

A future defined by regional power blocs?

While it is still early to draw definitive conclusions, the events of the past few months underscore a growing trend. Smaller countries are expressing solidarity with one power, but pragmatic cooperation with another, when it suits their national interests.

For this reason, regional power blocs seem to be of increasing interest to countries in the Global South.

For instance, the China-led Shanghai Cooperation Organisation has become a stronger and larger grouping of nations across Eurasia in recent years.

Trump’s focus on making “America Great Again,” has taken the load off the US carrying liberal order leadership. A multipolar world may not be the end of the liberal international order, but it may be a reshaped version of liberal governance.

How “liberal” it can be will likely depend on what each regional power, or pole, will make of it.

Dilnoza Ubaydullaeva does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Trump’s worldview is causing a global shift of alliances – what does this mean for nations in the middle? – https://theconversation.com/trumps-worldview-is-causing-a-global-shift-of-alliances-what-does-this-mean-for-nations-in-the-middle-257113

MIL OSI Analysis – EveningReport.nz –

July 1, 2025

MIL-OSI: Ellomay Capital Reports Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TEL-AVIV, Israel, June 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited interim consolidated financial results for the three month period ended March 31, 2025.

Financial Highlights

Total assets as of March 31, 2025 amounted to approximately €721.2 million, compared to total assets as of December 31, 2024 of approximately €677.3 million.
Revenues for the three months ended March 31, 2025 were approximately €8.9 million, compared to revenues of approximately €8.2 million for the three months ended March 31, 2024.
Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
EBITDA for the three months ended March 31, 2025 was approximately €2.9 million, compared to EBITDA of approximately €1.6 million for the three months ended March 31, 2024. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.

Financial Overview for the Three Months Ended March 31, 2025

Revenues were approximately €8.9 million for the three months ended March 31, 2025, compared to approximately €8.2 million for the three months ended March 31, 2024. The increase in revenues mainly results from revenues generated from our 19.8 MW and 18.1 MW Italian solar facilities that were connected to the grid in February-May 2024 and in January 2025, respectively.
Operating expenses were approximately €4.6 million for the three months ended March 31, 2025, compared to approximately €4.6 million for the three months ended March 31, 2024. Depreciation and amortization expenses were approximately €4.2 million for the three months ended March 31, 2025, compared to approximately €4.1 million for the three months ended March 31, 2024.
Project development costs were approximately €1 million for the three months ended March 31, 2025, compared to approximately €1.4 million for the three months ended March 31, 2024. The decrease in project development costs is mainly due to projects that reached “ready to build” status, which results in the commencement of the capitalization of expenses related to such projects into fixed assets.
General and administrative expenses were approximately €1.7 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million for the three months ended March 31, 2025, compared to approximately €1.3 million for the three months ended March 31, 2024.
Other income was approximately €0.2 million for the three months ended March 31, 2025, compared to €0 for the three months ended March 31, 2024. The income during the three months ended March 31, 2025 was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024 due to loss of income in 2025.
Financing income, net, were approximately €7.2 million for the three months ended March 31, 2025, compared to financing expenses of approximately €3.3 million for the three months ended March 31, 2024. The change in financing expenses, net, was mainly attributable to higher income resulting from exchange rate differences that amounted to approximately €10.7 million for the three months ended March 31, 2025, compared to loss from exchange rate differences of approximately €0.6 million for the three months ended March 31, 2024, an aggregate change of approximately €11.3 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.9% devaluation of the NIS against the euro during the three months ended March 31, 2025, compared to a revaluation of 0.8% during the three months ended March 31, 2024. The increase in financing income for the three months ended March 31, 2025 was partially offset by an increase in financing expenses of approximately €0.9 million in connection with derivatives and warrants for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Tax benefit was approximately €0.9 million for the three months ended March 31, 2025, compared to tax benefit of approximately €0.8 million for the three months ended March 31, 2024.
Loss from discontinued operation (net of tax) was €0 for the three months ended March 31, 2025, compared to a loss from discontinued operation (net of tax) of approximately €0.3 million for the three months ended March 31, 2024.
Profit for the three months ended March 31, 2025 was approximately €6.8 million, compared to loss of approximately €4.9 million for the three months ended March 31, 2024.
Total other comprehensive loss was approximately €4.9 million for the three months ended March 31, 2025, compared to total other comprehensive income of approximately €12 million in the three months ended March 31, 2024. The change in total other comprehensive income (loss) is primarily as the result of foreign currency translation adjustments due to the change in the NIS/euro exchange rate and by changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced a high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
Total comprehensive income was approximately €1.9 million for the three months ended March 31, 2025, compared to total comprehensive income of approximately €7.1 million for the three months ended March 31, 2024.
EBITDA was approximately €2.9 million for the three months ended March 31, 2025, compared to approximately €1.6 million for the three months ended March 31, 2024.
Net cash from operating activities was approximately €0.3 million for the three months ended March 31, 2025, compared to approximately €1.2 million for the three months ended March 31, 2024.
On February 16, 2025, the Company issued in an Israeli public offering an aggregate principal amount of NIS 214,479,000 of newly issued Series G Debentures, due December 31, 2032. The net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 211.7 million (approximately €56.7 million as of the issuance date).

CEO Review for the First Quarter of 2025

In the first quarter, the Company’s revenues amounted to €8.9 million, an increase of approximately 9% in revenues compared to the corresponding quarter last year. These revenues do not include the Company’s share of Dorad’s revenues. The Company presented an increase of approximately 81% in EBITDA compared to the corresponding quarter last year (€2.9 million compared to €1.6 million in the corresponding quarter last year). The Company’s first quarter is a winter quarter and is characterized by low production and revenues compared to the other quarters of the year.

In the first half of 2025, the Company recorded significant progress in the start of construction and connection to the grid of new projects, which are expected to contribute to revenue growth in the near future.

In Italy – Financing agreements were signed for solar projects with a total capacity of 198 MW (of which 38 MW are already connected to the electricity grid), and a transaction was signed and consummated with Clal Insurance to enter as a partner (49%) in the aforementioned 198 MW. Construction work on 160 MW has begun and construction is progressing as planned. The remainder of the portfolio held by the Company (100%) is approximately 264 MW solar, of which 124 MW have received construction permits and the rest are expected to receive permits in the near future. These 264 MW are scheduled to begin construction in the last quarter of 2026.

In the US – The Company is advancing additional solar projects with a capacity of approximately 50 MW (beyond the existing portfolio (49 MW) which has completed construction), which are expected to begin construction during 2025. The intention is that these projects will be able to enjoy the full tax benefit currently in effect. The addition of battery storage to each of the projects is also under planning.

In the Netherlands – the Company received, after March 31, 2025, a license to increase production at the GGG facility by 64%. Licenses to increase production at the two additional facilities are in advanced stages. The new regulation for the obligation to blend green gas with fossil gas will commence according to the law in January 2027 (a delay of one year), but the targets for the first year have increased. Agreements have been signed for the sale of green certificates issued under the new regulation at a price of approximately €1 per certificate. The blending obligation is expected to significantly increase the profitability of operations in the Netherlands at current production capacity. The expected increase in production capacity from 16 million cubic meters of gas per year to around 24 million cubic meters of gas per year is expected to add significantly beyond that.

In Israel – the Company is in negotiations with the Israeli Electricity Authority for compensation for delays and war damage to the Manara project. Ellomay Luzon (50% owned) provided a notice of exercise of its right of first refusal on the Zorlu-Phoenix transaction for the sale of Dorad’s shares. Ellomay Luzon and another shareholder exercised their right of first refusal with respect to all of the shares offered (15% of Dorad’s shares), and, subject to the timely fulfillment of the conditions to closing, Ellomay Luzon and the other shareholder are expected to share these shares in equal parts.

In Spain – The Company’s development activity in Spain focuses on battery storage, due to the high volatility in electricity prices in Spain, which stems from an excess of renewable energy during the transition seasons and causes damage to the stability of the grid. In the Company’s assessment, the solution is a significant increase in storage capacity, which is currently at very low levels in Spain. Regulation in Spain is also starting to move in this direction.

Use of Non-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 17 of this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
51% of solar projects in Italy with an aggregate capacity of 160 MW that commenced construction processes;
Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and additional 22 MW that are awaiting connection to the grid.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
	March 31,	December 31,	March 31,
	2025	2024	2025
	Unaudited	Audited	Unaudited
	€ in thousands		Convenience Translation into US$ in thousands*
Assets
Current assets:
Cash and cash equivalents	35,148	41,134	38,021
Short term deposits	36,301	–	39,268
Restricted cash	656	656	710
Intangible asset from green certificates	195	178	211
Trade and revenue receivables	5,911	5,393	6,394
Other receivables	15,518	15,341	16,786
Derivatives asset short-term	650	146	703
	94,379	62,848	102,093
Non-current assets
Investment in equity accounted investee	40,107	41,324	43,385
Advances on account of investments	547	547	592
Fixed assets	487,100	482,747	526,914
Right-of-use asset	41,276	34,315	44,650
Restricted cash and deposits	15,569	17,052	16,842
Deferred tax	8,525	9,039	9,222
Long term receivables	13,882	13,411	15,017
Derivatives	19,855	15,974	21,478
	626,861	614,409	678,100

Total assets	721,240	677,257	780,193

Liabilities and Equity
Current liabilities
Current maturities of long-term bank loans	20,761	21,316	22,458
Current maturities of other long-term loans	5,866	5,866	6,345
Current maturities of debentures	47,233	35,706	51,094
Trade payables	9,928	8,856	10,738
Other payables	8,913	10,896	9,642
Current maturities of derivatives	40	1,875	43
Current maturities of lease liabilities	733	714	793
Warrants	1,740	1,446	1,882
	95,214	86,675	102,995
Non-current liabilities
Long-term lease liabilities	32,673	25,324	35,344
Long-term bank loans	242,177	245,866	261,972
Other long-term loans	29,578	30,448	31,996
Debentures	186,691	155,823	201,951
Deferred tax	2,652	2,609	2,869
Other long-term liabilities	950	939	1,028
Derivatives	135	288	146
	494,856	461,297	535,306
Total liabilities	590,070	547,972	638,301

Equity
Share capital	25,613	25,613	27,707
Share premium	86,275	86,271	93,327
Treasury shares	(1,736)	(1,736)	(1,878)
Transaction reserve with non-controlling Interests	5,697	5,697	6,163
Reserves	7,381	14,338	7,984
Accumulated deficit	(3,567)	(11,561)	(3,859)
Total equity attributed to shareholders of the Company	119,663	118,622	129,444
Non-Controlling Interest	11,507	10,663	12,448
Total equity	131,170	129,285	141,892
Total liabilities and equity	721,240	677,257	780,193

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss)
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands (except per share data)			Convenience Translation into US$*
Revenues	8,860	8,243	40,467	9,584
Operating expenses	(4,627)	(4,563)	(19,803)	(5,005)
Depreciation and amortization expenses	(4,238)	(4,055)	(15,887)	(4,584)
Gross profit (loss)	(5)	(375)	4,777	(5)

Project development costs	(1,045)	(1,415)	(4,101)	(1,130)
General and administrative expenses	(1,662)	(1,620)	(6,063)	(1,798)
Share of profits of equity accounted investee	1,189	1,286	11,062	1,286
Other income	198	–	3,409	214
Operating profit (loss)	(1,325)	(2,124)	9,084	(1,433)

Financing income	11,483	631	2,495	12,422
Financing income (expenses) in connection with derivatives and warrants, net	(376)	536	1,140	(407)
Financing expenses in connection with projects finance	(1,375)	(1,501)	(6,190)	(1,487)
Financing expenses in connection with debentures	(1,741)	(1,711)	(6,641)	(1,883)
Interest expenses on minority shareholder loan	(476)	(554)	(2,144)	(515)
Other financing expenses	(294)	(713)	(8,311)	(318)
Financing income (expenses), net	7,221	(3,312)	(19,651)	7,812
Profit (loss) before taxes on income	5,896	(5,436)	(10,567)	6,379
Tax benefit	922	828	1,424	997
Profit (loss) from continuing operations	6,818	(4,608)	(9,143)	7,376
Profit (loss) from discontinued operation (net of tax)	–	(312)	137	–
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Profit (loss) attributable to:
Owners of the Company	7,994	(3,613)	(6,524)	8,647
Non-controlling interests	(1,176)	(1,307)	(2,482)	(1,271)
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376

Other comprehensive income items
That after initial recognition in comprehensive income were or will be transferred to profit or loss:
Foreign currency translation differences for foreign operations	(9,538)	1,124	8,007	(10,318)
Foreign currency translation differences for foreign operations that were recognized in profit or loss	–	–	255
Effective portion of change in fair value of cash flow hedges	4,264	10,461	5,631	4,613
Net change in fair value of cash flow hedges transferred to profit or loss	337	457	(813)	365
Total other comprehensive income	(4,937)	12,042	13,080	(5,340)

Total other comprehensive income (loss) attributable to:
Owners of the Company	(6,957)	6,656	10,039	(7,526)
Non-controlling interests	2,020	5,386	3,041	2,186
Total other comprehensive income (loss)	(4,937)	12,042	13,080	(5,340)
Total comprehensive income for the period	1,881	7,122	4,074	2,036

Total comprehensive income for the period attributable to:
Owners of the Company	1,037	3,043	3,515	1,121
Non-controlling interests	844	4,079	559	915
Total comprehensive income for the period	1,881	7,122	4,074	2,036

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) (cont’d)
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands (except per share data)			Convenience Translation into US$*

Basic profit (loss) per share	0.62	(0.28)	(0.51)	0.67
Diluted profit (loss) per share	0.62	(0.28)	(0.51)	0.67

Basic profit (loss) per share continuing operations	0.62	(0.31)	(0.52)	0.67
Diluted profit (loss) per share continuing operations	0.62	(0.31)	(0.52)	0.67

Basic profit (loss) per share discontinued operation	–	(0.02)	0.01	–
Diluted profit (loss) per share discontinued operation	–	(0.02)	0.01	–

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

Attributable to shareholders of the Company

Non- controlling

Total

Interests

Equity

Share capital

Share premium

Accumulated Deficit

Treasury shares

Translation reserve from
foreign operations

Hedging Reserve

Interests Transaction reserve with
non-controlling Interests

Total

€ in thousands

For the three months

ended March 31, 2025 (unaudited):

Balance as at January 1, 2025

25,613

86,271

(11,561)

(1,736)

8,446

5,892

5,697

118,622

10,663

129,285

Profit for the period

–

7,994

–

7,994

(1,176)

6,818

Other comprehensive income for the period

–

(9,329)

2,372

–

(6,957)

2,020

(4,937)

Total comprehensive income for the period

–

7,994

–

(9,329)

2,372

–

1,037

844

1,881

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2025

25,613

86,275

(3,567)

(1,736)

(883)

8,264

5,697

119,663

11,507

131,170

For the three months

ended March 31, 2024 (unaudited):

Balance as at January 1, 2024

25,613

86,159

(5,037)

(1,736)

385

3,914

5,697

114,995

10,104

125,099

Loss for the period

–

(3,613)

–

(3,613)

(1,307)

(4,920)

Other comprehensive income for the period

–

1,088

5,568

–

6,656

5,386

12,042

Total comprehensive income (loss) for the period

–

(3,613)

–

1,088

5,568

–

3,043

4,079

7,122

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2024

25,613

86,189

(8,650)

(1,736)

1,473

9,482

5,697

118,068

14,183

132,251

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity (cont’d)
			Attributable to shareholders of the Company						Non- controlling	Total
									Interests	Equity
	Share capital	Share premium	Accumulated Deficit	Treasury shares	Translation reserve from foreign operations	Hedging Reserve	Interests Transaction reserve with non-controlling Interests	Total
	€ in thousands
For the year ended
December 31, 2024 (audited):
Balance as at January 1, 2024	25,613	86,159	(5,037)	(1,736)	385	3,914	5,697	114,995	10,104	125,099
Loss for the year	–	–	(6,524)	–	–	–	–	(6,524)	(2,482)	(9,006)
Other comprehensive income for the year	–	–	–	–	8,061	1,978	–	10,039	3,041	13,080
Total comprehensive income (loss) for the year	–	–	(6,524)	–	8,061	1,978	–	3,515	559	4,074
Transactions with owners of the Company, recognized directly in equity:
Share-based payments	–	112	–	–	–	–	–	112	–	112
Balance as at December 31, 2024	25,613	86,271	(11,561)	(1,736)	8,446	5,892	5,697	118,622	10,663	129,285

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (cont’d)

Attributable to shareholders of the Company

Non- controlling
Interests

Total
Equity

Share capital

Share premium

Accumulated Deficit

Treasury shares

Translation reserve from
foreign operations

Hedging Reserve

Interests Transaction reserve with
non-controlling Interests

Total

Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

For the three months

ended March 31, 2025 (unaudited):

Balance as at January 1, 2025

27,707

93,323

(12,506)

(1,878)

9,136

6,374

6,163

128,319

11,533

139,852

Loss for the period

–

8,647

–

8,647

(1,271)

7,376

Other comprehensive income for the period

–

(10,092)

2,566

–

(7,526)

2,186

(5,340)

Total comprehensive income for the period

–

8,647

–

(10,092)

2,566

–

1,121

915

2,036

Transactions with owners of the Company, recognized directly in equity:

Share-based payments

–

Balance as at March 31, 2025

27,707

93,327

(3,859)

(1,878)

(956)

8,940

6,163

129,444

12,448

141,892

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash Flow
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	Unaudited		Audited	Unaudited
	€ in thousands			Convenience Translation into US$*
Cash flows from operating activities
Profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Adjustments for:
Financing expenses (income), net	(7,221)	3,167	19,247	(7,812)
Loss from settlement of derivatives contract	–	–	316	–
Impairment losses on assets of disposal groups classified as held-for-sale	–	601	405	–
Depreciation and amortization expenses	4,238	4,084	15,935	4,584
Share-based payment transactions	4	30	112	4
Share of profit of equity accounted investees	(1,189)	(1,286)	(11,062)	(1,286)
Payment of interest on loan from an equity accounted investee	–	–	–	–
Change in trade receivables and other receivables	6,178	(2,342)	(8,824)	6,683
Change in other assets	(496)	–	3,770	(537)
Change in receivables from concessions project	–	315	793	–
Change in trade payables	1,267	(68)	(31)	1,371
Change in other payables	(5,538)	2,796	4,455	(5,796)
Tax benefit	(922)	(805)	(1,429)	(997)
Income taxes refund (paid)	–	564	623	–
Interest received	351	907	2,537	380
Interest paid	(3,408)	(1,892)	(9,873)	(3,687)
	(6,556)	6,071	16,974	(7,093)
Net cash from operating activities	262	1,151	7,968	283

Cash flows from investing activities
Acquisition of fixed assets	(18,550)	(9,020)	(72,922)	(20,066)
Interest paid capitalized to fixed assets	(876)	–	(2,515)	(948)
Proceeds from sale of investments	–	–	9,267	–
Advances on account of investments	–	–	(163)	–
Proceeds from advances on account of investments	–	–	514	–
Investment in settlement of derivatives, net	–	14	(316)	–
Proceed from restricted cash, net	1,307	1,153	689	1,414
Proceeds from investment in short-term deposits	(39,132)	(28)	1,004	(42,331)
Net cash used in investing activities	(57,251)	(7,881)	(64,442)	(61,931)

Cash flows from financing activities
Issuance of warrants	–	3,735	2,449	–
Cost associated with long term loans	(658)	(638)	(2,567)	(712)
Payment of principal of lease liabilities	(372)	(299)	(2,941)	(402)
Proceeds from long-term loans	306	380	19,482	331
Repayment of long-term loans	(1,792)	(2,357)	(11,776)	(1,938)
Repayment of debentures	—	–	(35,845)	–
Proceeds from issuance of debentures, net	56,729	36,450	74,159	61,366
Net cash from financing activities	54,213	37,271	42,961	58,645

Effect of exchange rate fluctuations on cash and cash equivalents	(3,210)	1,667	3,092	(3,472)
Increase (decrease) in cash and cash equivalents	(5,986)	32,208	(10,421)	(6,475)
Cash and cash equivalents at the beginning of year	41,134	51,555	51,127	44,496
Cash from disposal groups classified as held-for-sale	–	(1,041)	428	–
Cash and cash equivalents at the end of the period	35,148	82,722	41,134	38,021

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries

Operating Segments

Italy

Spain

USA

Netherlands

Israel

Total

Subsidized

28 MV

reportable

Total

Solar

Plants

Solar

Talasol

Solar

Biogas

Dorad

Manara

segments

Reconciliations

consolidated

For the three months ended March 31, 2025

€ in thousands

Revenues

945

786

406

3,246

–

3,477

15,061

–

23,921

(15,061)

8,860

Operating expenses

(435)

(105)

(84)

(1,024)

(305)

(3,206)

(11,693)

–

(16,851)

12,224

(4,627)

Depreciation expenses

(225)

(229)

(252)

(2,839)

–

(676)

(1,268)

–

(5,489)

1,251

(4,238)

Gross profit (loss)

313

452

(617)

(305)

(405)

2,100

–

1,623

(1,628)

(5)

Adjusted gross profit (loss)

313

452

(617)

(305)

(405)

2,100

–

1,623

(1,628)

(5)

Project development costs

(1,045)

General and administrative expenses

(1,662)

Share of loss of equity accounted investee

1,189

Other income, net

198

Operating profit

(1,325)

Financing income

11,483

Financing income in connection

with derivatives and warrants, net

(376)

Financing expenses in connection with projects finance

(1,375)

Financing expenses in connection with debentures

(1,741)

Interest expenses on minority shareholder loan

(476)

Other financing expenses

(294)

Financing expenses, net

7,221

Loss before taxes on income

5,896

Segment assets as at March 31, 2025

87,185

13,242

19,475

223,844

60,458

32,801

108,858

180,504

726,366

(5,126)

721,240

Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Profit (Loss) to EBITDA
	For the three months ended March 31,		For the year ended December 31,	For the three months ended March 31,
	2025	2024	2024	2025
	€ in thousands			Convenience Translation into US$*
Net profit (loss) for the period	6,818	(4,920)	(9,006)	7,376
Financing expenses (income), net	(7,221)	3,312	19,651	(7,812)
Tax benefit	(922)	(828)	(1,424)	(997)
Depreciation and amortization expenses	4,238	4,055	15,887	4,584
EBITDA	2,913	1,619	25,108	3,151

* Convenience translation into US$ (exchange rate as at March 31, 2025: euro 1 = US$ 1.082)

Ellomay Capital Ltd. and its Subsidiaries
Information for the Company’s Debenture Holders

Financial Covenants

Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 30, 2025, and below.

Net Financial Debt

As of March 31, 2025, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €170 million (consisting of approximately €303¹ million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €241.4² million in connection with (i) the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), (ii) the Series D Convertible Debentures issuance (in February 2021), (iii) the Series E Secured Debentures issuance (in February 2023), (iv) the Series F Debentures issuance (in January, April, August and November 2024) and (v) the Series G Debentures issuance (in February 2025)), net of approximately €71.4 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €303³ million of project finance and related hedging transactions of the Company’s subsidiaries).

Discussion concerning Warning Signs

Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of March 31, 2025, the Company’s Board of Directors noted the working capital deficiency as of March 31, 2025, in the amount of approximately €0.96 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of March 31, 2025, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, (ii) the Company’s positive cash flow from operating activities during 2023 and 2024, and (iii) funds received from the investment transaction with Clal Insurance Company Ltd. that was consummated in June 2025.

Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series C Debenture Holders

The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,⁴ was 6.3.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjusted EBITDA as defined the Series C Deed of Trust		26,972

The Series C Debentures were fully repaid on June 30, 2025 in accordance with their terms.

Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series D Debenture Holders

The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁵ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Loss for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters⁶		899
Adjusted EBITDA as defined the Series D Deed of Trust		27,871

Ellomay Capital Ltd.

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series E Debenture Holders

The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €116.6 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁷ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters⁸		899
Adjusted EBITDA as defined the Series E Deed of Trust		27,871

In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

As of March 31, 2025, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €40.1 million (approximately NIS 161.3 million based on the exchange rate as of such date).

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series F Debenture Holders

The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA⁹ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters¹⁰		899
Adjusted EBITDA as defined the Series F Deed of Trust		27,871

Ellomay Capital Ltd. and its Subsidiaries

Information for the Company’s Debenture Holders (cont’d)

Information for the Company’s Series G Debenture Holders

The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of March 31, 2025, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €115.9 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 59.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA¹¹ was 6.1.

The following is a reconciliation between the Company’s profit and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended March 31, 2025:

		For the four-quarter period ended March 31, 2025
		Unaudited
		€ in thousands
Profit for the period		2,274
Financing expenses, net		9,118
Taxes on income		(1,641)
Depreciation and amortization expenses		16,651
Share-based payments		86
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model		484
Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters¹²		899
Adjusted EBITDA as defined the Series G Deed of Trust		27,871

____________________________
¹ The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.5 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

² The amount of the debentures provided above includes an amount of approximately €6.7 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at March 31, 2025 in the amount of approximately €0.8 million.

³ The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

⁴ The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁵ The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁶ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

⁷ The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

⁸ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

⁹ The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

¹⁰ The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

¹¹ The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

¹² The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024 (two plants) and the three months ended March 31, 2025 (one plant). The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached with respect to two of the three plants during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

The MIL Network –

July 1, 2025

MIL-OSI Africa: CORRECTION: African Development Bank, Asian Infrastructure Investment Bank (AIIB) sign Memorandum of Understanding (MOU) renewing their collaboration on sustainable economic development for Africa

The African Development Bank (www.AfDB.org) and the Asian Infrastructure Investment Bank (AIIB) have signed an agreement strengthening their collaboration on sustainable economic development, designed to boost infrastructure development and economic opportunities across the African continent.

The Memorandum of Understanding, which builds on an earlier one in 2018, was signed by African Development Bank president, Dr. Akinwumi Adesina, and AIIB President and Chair of the Board of Directors Jin Liqun on Saturday 28 June. The signing took place on the sidelines of a meeting of Heads of Multilateral Development Banks held in Paris, France, the same day.

The agreement outlines continued collaboration from both parties in six priority areas, aligned with the Bank Group’s Ten-Year Strategy 2024–2033 as well as AIIB’s Corporate Strategy and its Strategy on Financing Operations in Non-Regional Members. The areas are:

(i) Green infrastructure

(ii) Industrialization

(iii) Private capital mobilization including Public – Private Partnerships

(iv) Cross-border-connectivity

(v) Digitalization; and

(vi) Policy-based financing

The MOU will promote among other things, co-financing, co-guaranteeing and other forms of joint participation in financial assistance for development projects primarily in sustainable infrastructure. The African Development Bank and AIIB’s existing cooperation in this area, includes providing guarantees to support the issuance of Egypt’s first Sustainable Panda Bond in 2023, valued at RMB 3.5 billion.

This historic issuance—backed by guarantees from both AfDB and AIIB—marked the first African sovereign bond placed in the Chinese interbank bond market. The guarantees provided by the two triple-A-rated multilateral banks were instrumental in de-risking the transaction, enabling Egypt to secure competitive terms and attract investor confidence.

“This partnership continues to be an effective pathway to provide economic development for our member countries, especially in infrastructure. By reaffirming today, we are boosting energy access by accelerating Mission 300 which is targeting to connect 300 million people to electricity by 2030,” Dr Adesina said.

Mr. Jin Liqun remarked: “The renewal of our partnership with the African Development Bank reflects AIIB’s commitment to supporting sustainable development beyond Asia. Through this collaboration, we can leverage our combined expertise to deliver transformative projects that will benefit millions across the continent and create prosperity through quality infrastructure investment.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Editor’s note:
This press release is re-issued to correct an error in the number of members AIIB has worldwide. An earlier version issued today 30 June, incorrectly stated that it has 84 members, instead of 110.

Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
Email: media@afdb.org

About the Asian Infrastructure Investment Bank (AIIB):
The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing “infrastructure for tomorrow,” with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD100 billion and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity.

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

MIL OSI Africa –

July 1, 2025
MIL-OSI Canada: Joint Statement of the G7 Foreign Ministers on Iran and the Middle East

Source: Government of Canada News

June 30, 2025 – Ottawa, Ontario – Global Affairs Canada

We the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America, and the High Representative of the European Union, met in The Hague on June 25, 2025, where we discussed recent events in the Middle East.

We reiterate our support for the ceasefire between Israel and Iran announced by U.S. President Trump, and urge all parties to avoid actions that could further destabilize the region.

We appreciate Qatar’s important role in facilitating the ceasefire and express our full solidarity to Qatar and Iraq following the recent strikes by Iran and its proxies and partners against their territory. We welcome all efforts in the region towards stabilization and de-escalation.

We reaffirm that the Islamic Republic of Iran can never have nuclear weapons, and urge Iran to refrain from reconstituting its unjustified enrichment activities. We call for the resumption of negotiations, resulting in a comprehensive, verifiable and durable agreement that addresses Iran’s nuclear program.

In order to have a sustainable and credible resolution, we call on Iran to urgently resume full cooperation with the International Atomic Energy Agency (IAEA) as required by its safeguards obligations and to provide the IAEA with verifiable information about all nuclear material in Iran, including by providing access to IAEA inspectors. We condemn calls in Iran for the arrest and execution of IAEA Director General Grossi

We underscore the centrality of the Nuclear Non-Proliferation Treaty (NPT) as the cornerstone of the global nuclear non-proliferation regime. It is essential that Iran remains party to and fully implements its obligations under the Treaty.

We reiterate our commitment to peace and stability in the Middle East. In this context, we reaffirm that Israel has a right to defend itself. We reiterate our support for the security of Israel.

MIL OSI Canada News –

July 1, 2025
MIL-OSI United Nations: UNDRR deepens support for local resilience at the 12th European Urban Resilience Forum

Source: UNISDR Disaster Risk Reduction

The 12th European Urban Resilience Forum (EURESFO), held in Rotterdam, the Netherlands from 25-27 June 2025, provided an important platform for urban resilience practitioners to reinforce their commitment to accelerating local action on resilience, climate adaptation, and disaster risk reduction in the context of growing urban challenges.

As urban areas in Europe and beyond face cascading risks-from heatwaves and floods to geopolitical instability and infrastructure stress-UNDRR used the platform to underscore the critical role of local governments in driving meaningful disaster risk reduction and climate adaptation.

In a video message to the Forum’s opening plenary, Kamal Kishore, Special Representative of the UN Secretary-General for Disaster Risk Reduction, emphasized three global priorities: strengthening local implementation of DRR strategies, unlocking resilience financing, and scaling up community-driven innovation.

“If we do not reduce risk at the local level, we will not succeed in reducing losses at the global level,” he stated, calling for stronger investment and partnerships to translate plans into action.

UNDRR’s active engagement throughout the Forum showcased its commitment to supporting cities through the Making Cities Resilient 2030 (MCR2030) initiative. Yigyeong Oh, MCR2030 Regional Focal Point for Europe and Central Asia, spoke in multiple sessions, including the opening plenary “Resilience in Crisis: Accelerating Action for a Just Future” and the panel discussion “Building Urban Resilience in an Era of Polycrisis: The Holistic Agenda.” She highlighted how MCR2030 has grown into a global movement of over 1,850 cities, supporting local governments with risk-informed governance, resilience assessments, and stakeholder collaboration.

“In a time of polycrisis, resilience is not a siloed agenda,” Oh noted. “Cities are facing overlapping challenges-climate shocks, economic pressures, and social inequality-and MCR2030 enables them to plan holistically, act collectively, and learn globally.”

UNDRR also co-moderated the workshop “Local Action to Address Extreme Heat – CitiesHitRefresh,” which addressed one of the fastest growing disaster risks in Europe. Zdravko Maxomovic from Kraljevo, an MCR2030 city from Serbia, shared its practical experiences in managing heat risks and contributing to the upcoming second edition of UNDRR’s Flames of Change report, a knowledge product documenting inclusive urban resilience solutions.

Nature-based solutions were another key theme. UNDRR supported the session “Collaborate, Educate, Transform: Building the Future of Nature-Based Solutions in Cities,” where Małgorzata Bartyna-Zielińska from the City of Wrocław, an MCR2030 Resilience Hub, presented its award-winning LifeCOOLCity project. The session underscored the power of peer learning through networks like MCR2030.

Beyond technical sessions, UNDRR joined ICLEI and other partners for a side meeting with Ukrainian cities, including Lviv, an MCR2030 Resilience Hub, focused on the Ukraine Recovery Roadmap and aligning international support with local resilience priorities.

UNDRR also pitched the MCR2030 Climate Resilience Addendum to the Disaster Resilience Scorecard for Cities during the pitch session, offering cities a practical tool to assess and enhance resilience to climate-related risks.

As the Forum concluded, a common message resonated across sessions: Europe has a unique role in shaping standards, fostering multilevel governance, and investing in long-term resilience. UNDRR reaffirmed its commitment to advancing these goals by supporting local governments with tools, knowledge, and partnerships through MCR2030 and other initiatives. With the urgency of accelerating resilience action, the Forum reinforced the need for collective action-local leadership supported by global collaboration-to ensure no city is left behind.

MIL OSI United Nations News –

July 1, 2025
MIL-OSI Economics: Members explore technology transfer case studies, patent information, trade-related IP data

Source: WTO

Headline: Members explore technology transfer case studies, patent information, trade-related IP data

Discussions at the meeting saw a high level of engagement by delegations. Members highlighted how voluntary technology transfer to developing economies can boost innovation, productivity and development, drawing on sectoral case studies. They also focused on better harnessing information from expired patents and underlined the importance of systematic, transparent reporting on global IP trade flows.
A paper entitled “Intellectual Property and Innovation: Technology Transfer case studies” was submitted by Australia, Canada, the European Union, Israel, Japan, the Republic of Korea, New Zealand, Singapore, Switzerland, Chinese Taipei, the United Kingdom and the United States.
The paper highlights how technology enhances productivity, competitiveness, growth and development, motivating countries to foster an environment that attracts voluntary technology transfer and innovation. The paper invites members to submit case studies on voluntary transfers of patent-protected or trade secret technologies and highlights the importance of domestic policies and capacity-building. The aim of the paper is to inform TRIPS Council discussions on incentivizing mutually beneficial technology transfer to address global challenges.
The paper indicates that practical examples are useful in illustrating how technology transfer occurs across sectors such as agriculture, sustainability and manufacturing. IP offices and WIPO GREEN, an online platform for technology exchange, provide case studies and opportunities to promote green technology exchange. TRIPS Article 66.2 on technology transfer details incentives for transfer to least-developed countries (LDCs). In public health, the Medicines Patent Pool (MPP) enables voluntary sublicensing of patented treatments, increasing access to lifesaving medicines and supporting local production.
Colombia submitted a communication titled “After-life of patents” proposing joint efforts ahead of the 14th WTO Ministerial Conference (MC14), to be held in Cameroon in March 2026, to explore better use of patent information, potentially expanding the discussion to copyrighted works. The proposal envisions a cooperative WTO approach, without affecting debates on the need for balance in IP protection. Colombia said it is considering an MC14 decision where members would agree to make patent disclosures publicly accessible, promote good practices for their use, permit artificial intelligence (AI) training on such data, and establish a global, publicly accessible repository for such information.
Colombia submitted a second paper for discussion: “Trade-Related Figures of Intellectual Property at the WTO: The Case of IP Royalties at the Global Level”. The paper argues that since the TRIPS Agreement’s adoption in 1995, WTO members have applied common IP standards yet little focus has been placed on trade-related IP metrics. Unlike goods and services, IP trade flows – such as royalty payments – receive limited, inconsistent attention in WTO data. Occasional studies exist but lack regularity. However, reliable data is available through IMF and World Bank sources, which track cross-border royalty payments in national balance of payments statistics, offering an important resource for understanding global IP trade dynamics.
The paper suggests the WTO should implement systematic, detailed reporting on IP-related financial flows, integrating this data into TRIPS Council updates, Trade Policy Reviews and WTO databases. Disaggregated by IP category, such data would support informed policy decisions and foster balanced, evidence-based debate on the global IP regime.
Notifications
Members were updated on notifications under various provisions of the TRIPS Agreement that the Council has received since its last meeting in March.
The Chair of the Council, Emmanuelle Ivanov-Durand of France, said that the pace of notifications to the Council has increased in recent years, but they are still not keeping up with the actual development of laws and regulations relating to TRIPS. She emphasized that TRIPS Article 63.2 is not a “one-off” requirement but a core element of TRIPS transparency and a central part of the Council’s work. It obliges members to notify new or amended laws on TRIPS, including those recently adopted to address the COVID-19 pandemic.
This requirement includes the notification of legislative changes to implement the special compulsory licensing system to export medicines covered by TRIPS Article 31bis. The notification of relevant laws and regulations can assist members in preparing for the potential use of the system. It would also help the WTO Secretariat in its efforts to provide informed technical support to members.
The Chair recalled that the e-TRIPS Submission System is available for members to easily notify their laws and to make other required submissions to the TRIPS Council. The platform also permits digital access, consultation and analysis of information through the e-TRIPS Gateway, an easy-to-use interface to search and display information related to the TRIPS Council.
Members agreed to test the e-Agenda tool at the next TRIPS Council meeting on a trial, non-committal basis. Developed by the Secretariat and already in use across over 20 WTO bodies, the e-Agenda enhances transparency, organization and access to meeting documents and statements. The Chair stressed that implementation costs would be minimal, with a tailored prototype and training available. The trial aims to assess the practical value of the tool without altering established procedures.
Non-violation and situation complaints
Members repeated their well-known positions on the issue of non-violation and situation complaints (NVSCs) under the TRIPS Agreement. With less than a year to go to the 14th WTO Ministerial Conference (MC14), the Chair reminded members that it is a ministerial mandate for the Council to examine the scope and modalities for NVSCs, and that members should make serious efforts to do so.
The Chair noted that members have not displayed much appetite for advancing substantive discussions in this area. If this situation persists in the coming months, it is difficult to foresee any outcome in this area at MC14 other than an extension of the moratorium or its expiry, she noted. She suggested that if discussion on this matter is going to be limited to choosing between these two options, members could decide in Geneva ahead of MC14.
At the 13th Ministerial Conference (MC13) in Abu Dhabi in 2024, ministers adopted a Decision on TRIPS Non-Violation and Situation Complaints, instructing the TRIPS Council to continue reviewing the issue and submit recommendations to MC14. Until then, members agreed not to initiate such complaints under the TRIPS Agreement.
The Decision on TRIPS Non-Violation and Situation Complaints concerns whether and how WTO members can bring disputes to the WTO alleging that an action or situation has nullified expected benefits under the TRIPS Agreement, even without a specific violation.
Other issues
WTO members continued talks on how to proceed on the long overdue review of the implementation of the TRIPS Agreement. Under Article 71.1, the TRIPS Council is required to conduct a review of the implementation of the Agreement after two years and at periodic intervals thereafter. However, the initial review in 1999 was never completed and no review has subsequently been initiated.
The Chair recalled that members were able to propose last year a process for the first review, which ultimately could not be adopted. After holding informal consultations in May with the most active member on this issue to find a way forward, the Chair has concluded that the concerns that prevented the adoption of the proposal remain.
Ms Ivanov-Durand noted that the mandate set out in TRIPS Article 71.1 is highly significant and encouraged delegations to keep working towards the initiation of the implementation review. A number of delegations expressed their willingness to continue discussions on this issue. The Chair expressed her availability to conduct further informal consultations once there is greater likelihood of members agreeing on how to make substantial progress.
The Council did not agree on renewing the invitation to the European Free Trade Association (EFTA) to participate in the TRIPS Council as ad hoc observer. This invitation had been renewed on a meeting-to-meeting basis since 2012. A number of members said that the current list of observers is not balanced and asked the Council to reassess the situation with regards other international intergovernmental organizations whose requests have been pending for years. It was suggested that the Chair could address this issue in the technical meetings she is planning with members.
The updated list of pending requests for observer status in the TRIPS Council by intergovernmental organizations is contained in document IP/C/W/52/Rev.14.
The Chair said that there have been no new acceptances of the protocol amending the TRIPS Agreement since the last Council meeting. This means that, to date, the amended TRIPS Agreement applies to 141 members. Twenty-five members have yet to accept the Protocol. The current period for accepting the protocol runs until 31 December 2025.
Next meeting
The next regular meeting of the TRIPS Council is scheduled for 10-11 November 2025.

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MIL OSI Economics –

July 1, 2025
MIL-OSI Economics: Thales Alenia Space to develop SOLiS very-high-throughput laser communications demonstrator

Source: Thales Group

Headline: Thales Alenia Space to develop SOLiS very-high-throughput laser communications demonstrator

Cannes, June 30th, 2025 – Thales Alenia Space, the joint venture between Thales (67%) and Leonardo (33%), has been selected by the French space agency CNES, as part of the space component of the France 2030 program launched by the French government, to devel…

MIL OSI Economics –

July 1, 2025
MIL-OSI United Nations: UN Secretary-General’s remarks at the launch of the Sevilla Platform for Action [bilingual as delivered; scroll down for all-English]

Source: United Nations secretary general

Señor Presidente del Gobierno, querido Pedro Sánchez, Excelencias, señoras y señores:

Gracias por unirse a este lanzamiento de la Plataforma de Acción de Sevilla.

Estimado Presidente: felicito a usted y a su Gobierno por su visión y liderazgo como anfitriones de la Cuarta Conferencia Internacional sobre la Financiación para el Desarrollo.

We are all here to respond to a global development crisis that threatens people and planet alike.

Our roadmap to a better future — the Sustainable Development Goals — is in danger.

Two-thirds of the targets are not progressing fast enough — or at all.

Solutions depend on financing.

Developing countries need over $4 trillion a year to deliver on the 2030 Agenda.

But they are being battered by limited fiscal space, slowing growth, crushing debt burdens and growing systemic risks.

The Sevilla Commitment document represents a bold plan to get the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

But we need all hands on deck.

And that’s why the Sevilla Platform for Action is so critical — and so significant.

In the midst of a world of division, conflict and economic uncertainty, this Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

Governments, private sector partners, international institutions, and civil society groups all together teaming up to launch high-impact initiatives to bring the Sevilla Commitment to life.

This includes a global hub for debt swaps at the World Bank as part of a broader facility aimed at relieving liquidity constraints and lowering the cost of borrowing.

A debt pause alliance to help countries in times of crisis.

A global coalition to scale-up pre-arranged finance that can be readily deployed when disasters strike.

A blended finance platform to bring public and private finance together in a new and expanded way.

A new tool for Multilateral Development Banks to manage currency risks.

And a commission to explore the future of development cooperation.

In December, I appointed a group of experts on debt who today are announcing 11 immediately actionable proposals to help resolve the debt crisis.

This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.

I look forward to working closely with Member States — including the G20 — to bring this forum to life, to empower borrower countries, and create a fairer system.

Excellencies, ladies and gentlemen,

The Sevilla Platform for Action offers an ambitious, action-oriented response to the global financing challenge.
It provides a springboard toward a more just, inclusive, and sustainable world for all countries.

And above all, it proves that progress and change are possible if we work together.

I hope the Platform inspires countries to work as one to tackle other challenges facing our world today.

Y una vez más, agradezco al Presidente del Gobierno y a todos ustedes por su liderazgo.

Muchas gracias.

*****
[all-English]

Mr. President of the Government of Spain, dear Pedro Sánchez,

Excellencies, ladies and gentlemen,

Thank you for joining this launch of the Sevilla Platform for Action.

Respected President of the Government of Spain — I commend you and your government for your vision and leadership as hosts of the Fourth International Conference on Financing for Development.

We are all here to respond to a global development crisis that threatens people and planet alike.

Our roadmap to a better future — the Sustainable Development Goals — is in danger.

Two-thirds of the targets are not progressing fast enough — or at all.

Solutions depend on financing.

Developing countries need over $4 trillion a year to deliver on the 2030 Agenda.

But they are being battered by limited fiscal space, slowing growth, crushing debt burdens and growing systemic risks.

The Sevilla Commitment document represents a bold plan to get the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries.

But we need all hands on deck.

And that’s why the Sevilla Platform for Action is so critical — and so significant.

In the midst of a world of division, conflict and economic uncertainty, this Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

Governments, private sector partners, international institutions, and civil society groups all together are teaming up to launch high-impact initiatives to bring the Sevilla Commitment to life.

This includes a global hub for debt swaps at the World Bank as part of a broader facility aimed at relieving liquidity constraints and lowering the cost of borrowing.

A debt pause alliance to help countries in times of crisis.

A global coalition to scale-up pre-arranged finance that can be readily deployed when disasters strike.

A blended finance platform to bring public and private finance together in a new and expanded way.

A new tool for Multilateral Development Banks to manage currency risks.

And a commission to explore the future of development cooperation.

In December, I appointed a group of experts on debt who today are announcing 11 immediately actionable proposals to help resolve the debt crisis.

This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.

I look forward to working closely with Member States — including the G20 — to bring this forum to life, to empower borrower countries, and create a fairer system.

Excellencies, ladies and gentlemen,

The Sevilla Platform for Action offers an ambitious, action-oriented response to the global financing challenge.

It provides a springboard toward a more just, inclusive, and sustainable world for all countries.

And above all, it proves that progress and change are possible if we work together.

I hope the Platform inspires countries to work as one to tackle other challenges facing our world today.

Once again, I thank Prime Minister Sánchez and all of you for your leadership.

Thank you.

MIL OSI United Nations News –

July 1, 2025
MIL-OSI Video: FfD4, Gender Equality, Gaza & other topics – Daily Press Briefing (30 June 2025)

Source: United Nations (video statements)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:
Secretary-General/Conference on Financing for Development
Deputy Secretary-General/FfD4
Gender Equality
Gaza
Occupied Palestinian Territory
Security Council
An Interim Force in Lebanon (UNIFIL)
Syria
Ukraine
Sudan
DRC/Rwanda
Afghanistan Refugees
International Days
Financial Contribution
UNGA80
Programming Note

SECRETARY-GENERAL/CONFERENCE ON FINANCING FOR DEVELOPMENT
The Secretary-General is in Sevilla, Spain, where he is attending the 4th International Conference on Financing for Development. This morning, at the opening of the Conference, he said that financing is the engine of development, and right now, this engine is sputtering.
“As we meet,” the Secretary-General pointed out, “the 2030 Agenda for Sustainable Development, our global promise to transform our world for a better, fairer future, is in danger. He stressed that the conference is not about charity, it’s about restoring justice and lives of dignity.”
The Secretary-General also added that the conference is not about money, it’s about investing in the future we want to build, together.
In the afternoon, at the launch of the Sevilla Platform for Action, the Secretary-General highlighted that the Platform offers an ambitious, action-oriented response to the global financing challenge.
Soon after, at the opening of the International Business Forum, the Secretary-General underscored that by uniting public and private sector leaders, regulators and development banks, we can ensure that the conference is not an end, but rather a beginning.
The Secretary-General also addressed that media in a joint press encounter with the President of the Government of Spain, Pedro Sánchez. He stressed that with the adoption of the Sevilla Commitment document, countries are proving their dedication to getting the engine of development revving again.
Today, the Secretary-General also held a bilateral meeting with the President of the Government of Spain, and yesterday, he met His Majesty Don Felipe VI, King of Spain, He is also having a number of bilateral meetings with other delegation leaders who will be at the conference. We will share readouts of some of those meetings shortly.

DEPUTY SECRETARY-GENERAL/FFD4
Ms. Amina Mohammed, the Deputy Secretary-General, joined the Secretary-General for the opening ceremony of the conference and his meeting with the President of the Government of Spain.
Later, she delivered remarks at side events focused on closing the SDG financing gap, including on the role of public-private cooperation, the centrality of gender equality in sustainable finance, and the leadership of African women in advancing the 2030 Agenda and Agenda 2063.
She also held bilateral meetings with senior government officials and Heads of Government attending the conference.

GENDER EQUALITY
At the Fourth International Financing for Development conference in Spain, the adoption of the Compromiso de Sevilla reaffirmed the global commitment to inclusive sustainable development. However, UN Women is warning that chronic underfunding and unfair financial systems are hindering gender equality progress.
Developing countries are falling short by an estimated $420 billion a year in the funding needed to achieve gender equality under the Sustainable Development Goals.
UN Women is urging world leaders to match political commitments with the sustained, transparent, and accountable financing needed to deliver on promises to half the world’s population.

Full Highlights:
https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=30%20June%202025

https://www.youtube.com/watch?v=svTsTXC1aiw

MIL OSI Video –

July 1, 2025
MIL-OSI Video: FfD4, Gender Equality, Gaza & other topics – Daily Press Briefing (30 June 2025)

Source: United Nations (video statements)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:
Secretary-General/Conference on Financing for Development
Deputy Secretary-General/FfD4
Gender Equality
Gaza
Occupied Palestinian Territory
Security Council
An Interim Force in Lebanon (UNIFIL)
Syria
Ukraine
Sudan
DRC/Rwanda
Afghanistan Refugees
International Days
Financial Contribution
UNGA80
Programming Note

SECRETARY-GENERAL/CONFERENCE ON FINANCING FOR DEVELOPMENT
The Secretary-General is in Sevilla, Spain, where he is attending the 4th International Conference on Financing for Development. This morning, at the opening of the Conference, he said that financing is the engine of development, and right now, this engine is sputtering.
“As we meet,” the Secretary-General pointed out, “the 2030 Agenda for Sustainable Development, our global promise to transform our world for a better, fairer future, is in danger. He stressed that the conference is not about charity, it’s about restoring justice and lives of dignity.”
The Secretary-General also added that the conference is not about money, it’s about investing in the future we want to build, together.
In the afternoon, at the launch of the Sevilla Platform for Action, the Secretary-General highlighted that the Platform offers an ambitious, action-oriented response to the global financing challenge.
Soon after, at the opening of the International Business Forum, the Secretary-General underscored that by uniting public and private sector leaders, regulators and development banks, we can ensure that the conference is not an end, but rather a beginning.
The Secretary-General also addressed that media in a joint press encounter with the President of the Government of Spain, Pedro Sánchez. He stressed that with the adoption of the Sevilla Commitment document, countries are proving their dedication to getting the engine of development revving again.
Today, the Secretary-General also held a bilateral meeting with the President of the Government of Spain, and yesterday, he met His Majesty Don Felipe VI, King of Spain, He is also having a number of bilateral meetings with other delegation leaders who will be at the conference. We will share readouts of some of those meetings shortly.

DEPUTY SECRETARY-GENERAL/FFD4
Ms. Amina Mohammed, the Deputy Secretary-General, joined the Secretary-General for the opening ceremony of the conference and his meeting with the President of the Government of Spain.
Later, she delivered remarks at side events focused on closing the SDG financing gap, including on the role of public-private cooperation, the centrality of gender equality in sustainable finance, and the leadership of African women in advancing the 2030 Agenda and Agenda 2063.
She also held bilateral meetings with senior government officials and Heads of Government attending the conference.

GENDER EQUALITY
At the Fourth International Financing for Development conference in Spain, the adoption of the Compromiso de Sevilla reaffirmed the global commitment to inclusive sustainable development. However, UN Women is warning that chronic underfunding and unfair financial systems are hindering gender equality progress.
Developing countries are falling short by an estimated $420 billion a year in the funding needed to achieve gender equality under the Sustainable Development Goals.
UN Women is urging world leaders to match political commitments with the sustained, transparent, and accountable financing needed to deliver on promises to half the world’s population.

Full Highlights:
https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=30%20June%202025

https://www.youtube.com/watch?v=svTsTXC1aiw

MIL OSI Video –

July 1, 2025
MIL-OSI Europe: Germany: Largest EIB financing for EWE – over 2,600 km of new underground power lines and more than 1,100 substations for Lower Saxony’s energy transition

Source: European Investment Bank

EIB

The European Investment Bank (EIB) and EWE AG announced the largest EIB loan that EWE has ever received at a ceremony marking the 25^th anniversary of the EIB’s Berlin office today.

A long-term credit facility of up to €450 million was finalised at an event attended by German federal government ministers, project partners and stakeholders.

This will support investment totalling more than €700 million between 2025 and 2028. The programme includes the laying of more than 2,600 kilometres of new underground power lines and the construction and modernisation of over 1,100 substations, constituting another major step forward for energy infrastructure and energy security in northern Germany.

EWE Chief Financial Officer Frank Reiners said:

“We are pleased to further develop our partnership with the EIB. This financing will help supercharge our investments in grid expansion and digitalisation. This will enable us to rapidly and securely integrate more renewable energy into the power grid and strengthen the security of supply in our regions, thereby making them more attractive for new industrial developments.”

EIB Vice-President Nicola Beer added:

“What many people do not know is that the most important energy-transition investments are often right under our feet. With over 2,600 km of new underground power lines and more than 1,100 new and modernised substations, we are working with EWE to build a hidden backbone for a more secure energy supply and expanded use of renewable energy throughout northern Germany. Today’s signature of the EIB’s largest-ever financing for EWE at the 25^th anniversary event for our Berlin office – attended by high-ranking representatives from politics and business – sends a strong signal for the future of energy supply in Germany. 2024 was a record year for EIB support for the energy grid and this project shows how we are actively shaping Europe’s green future.”

Hidden infrastructure – the backbone of the energy transition

Investing in power grids is at the heart of the European energy transition. The massive expansion of renewable energy makes high-performance, flexible grids vital to adding new wind and solar power systems, switching to electrical power for heat and transport and ensuring secure, reliable supply for households and industry. Around 95% of the electricity fed into EWE’s power grid in Lower Saxony comes from renewable sources. The investments will enable an additional 3 gigawatts (GW) of renewable generation capacity to be connected by 2028, representing an important contribution to German and European climate targets.

2024: A record year for EIB power grid investment

2024 was a record year for EIB support for power-grid investment across Europe. As the EU climate bank, the EIB has a long track record of financing key energy infrastructure projects making decarbonisation, economic growth and energy-security possible. In recent years, the EIB has financed grid modernisation and expansion in Germany, France, Spain, Italy, Poland and many other EU Member States, laying the foundations for a sustainable, interconnected European energy market.

Contributing to national and EU objectives

EWE’s investment programme is fully aligned with Germany’s national energy and climate plan, which foresees an 80% share of renewable energy in electricity use by 2030. It also supports the REPowerEU initiative by expanding clean-energy integration, cutting emissions and strengthening energy supply. A total of 40% Sof the investments will go to cohesion regions, promoting economic and social cohesion.

The EIB – a reliable partner for Europe’s energy transition

The EIB’s long-term, flexible financing provides a stable basis on which EWE can implement its investment plans, diversifies sources of funding and sends a positive signal to capital markets. As an anchor investor, the EIB is mobilising additional public and private capital for critical infrastructure projects.

Background information

EIB

The European Investment Bank is the world’s largest multilateral lender for climate action projects, supporting initiatives that promote sustainable growth, innovation and social cohesion in the European Union and beyond.

EWE

EWE AG is one of Germany’s leading energy and infrastructure companies, operating electricity, gas, water supply and telecommunications networks in Lower Saxony and beyond.

EWE Electricity Grid Investments Germany

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EWE Electricity Grid Investments Germany

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EWE Electricity Grid Investments Germany

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EWE Electricity Grid Investments Germany

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How to finance sustainable housing

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EWE Electricity Grid Investments Germany

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EWE Electricity Grid Investments Germany

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MIL OSI Europe News –

July 1, 2025
MIL-OSI Europe: Written question – Children experiencing informal homelessness – E-002481/2025
Source: European Parliament
Question for written answer E-002481/2025
to the Commission
Rule 144
Marit Maij (S&D), Andreas Schieder (S&D), Alicia Homs Ginel (S&D), Romana Jerković (S&D), Nora Mebarek (S&D)

Across the EU, children are living in places that are not meant to be homes, such as cars and garages, which is considered informal homelessness. There are no concrete figures or evidence available, but aid workers in the Netherlands, for example, suspect a direct link to the housing crisis.

Given this situation:

1.Does the Commission have any figures available regarding homeless children in the EU that it could share?

2.If not, is it willing to research the extent of this problem, which concerns a very vulnerable group of citizens in Europe?

3.In light of the principles of the European Pillar of Social Rights, could it please indicate the actions it has already taken to support these vulnerable children?

Submitted: 19.6.2025
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Latest news – DKOR ordinary meeting, 3 July 2025, 10.00-11.30, SPINELLI 5E2 – Delegation for relations with the Korean Peninsula

Source: European Parliament

***In camera***

4. Exchange of views with H.E. María CASTILLO FERNÁNDEZ, Ambassador of the European Union to the Republic of Korea

5. Exchange of views with H.E. Jeonghyun RYU, Ambassador of the Republic of Korea to the Kingdom of Belgium, European Union (EU) and North Atlantic Treaty Organization (NATO)

***End of in camera***

6. Exchange of views following the 3 June elections in RoK and the implications for the relations with the EU with:

· Prof. Jae-Seung LEE, Director of Ilmin International Relations Institute and Director of the Jean Monnet EU Center of Excellence, Korea University

· Ms Lin GOETHALS, Director of the European Institute for Asian Studies (EIAS)

MIL OSI Europe News –

July 1, 2025
MIL-OSI Europe: Written question – Unfair competition from imports of products not subject to environmental requirements or social standards – E-002444/2025

Source: European Parliament

Question for written answer E-002444/2025
to the Commission
Rule 144
Maria Grapini (S&D)

The reindustrialisation of the EU is one of the objectives of the single market.

The previous Commission introduced a reindustrialisation programme with the aim of reducing dependence on third countries.

Despite this, European manufacturing is being eroded by imports of products from third countries that do not have the same production, quality, social and environmental standards as those imposed on European producers.

One example is the ceramic tiles industry in Romania, Italy, France, Poland and other European countries, which is being greatly affected by imports from India.

Prices of Indian ceramic tiles are half those of European prices, due to the use of cheaper gas from Russia and not having to pay a carbon tax on gas consumption or for Green Certificates (green taxation) for energy consumption.

What are the Commission’s concrete proposals for action to end unfair competition from imports of products not subject to environmental requirements and social standards?

The closure of European companies has led to the loss of jobs and sources of revenue for national budgets.

Submitted: 17.6.2025

Last updated: 30 June 2025

MIL OSI Europe News –

July 1, 2025
MIL-OSI Europe: Written question – Follow-up on the effectiveness of fire prevention and management measures in Sicily – E-002438/2025
Source: European Parliament
Question for written answer E-002438/2025
to the Commission
Rule 144
Giuseppe Antoci (The Left)

Question E-001700/2024[1] shone a spotlight on the high number of forest fires in Sicily, which alone accounted for around 45 % of the land burnt in Italy in the first eight months of 2024. In its answer of 29 October 2024, the Commission referred to the use of several European instruments: the EU Civil Protection Mechanism (UCPM), the rescEU fund, the European Regional Development Fund (ERDF) Sicily programme 2021-2027[2] and European Agricultural Fund for Rural Development (EAFRD) funding.

However, given the new fires recorded in June 2025, it is clear that Sicily remains highly exposed, raising doubts about whether prevention and resilience measures are being implemented effectively[3].

In September 2023, the Commission launched a pilot exercise to assess EU-funded measures to tackle forest fires in Greece and Italy. According to the European Court of Auditors’ special report 16/2025, those funds are not always used effectively, nor are they allocated systematically to the areas at highest risk or with a long-term perspective, thus undermining the effectiveness of action on the ground[4].

Can the Commission therefore say:

1.What specific conclusions concerning Italy, and particularly Sicily, were reached in the pilot exercise?

2.What is the state of play with regard to fire prevention resources in the implementation of the ERDF Sicily programme 2021-2027?

Submitted: 17.6.2025

[1] https://www.europarl.europa.eu/doceo/document/E-10-2024-001700_EN.html

[2] EUR 204 million for environmental risks, of which EUR 55 million was earmarked for fire prevention.

[3] https://www.codaconsicilia.it/incendi-in-sicilia-il-codacons-denuncia-gravi-fallimenti-nel-sistema-di-prevenzione/.

[4] https://www.eca.europa.eu/ECAPublications/SR-2025-16/SR-2025-16_EN.pdf
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Answer to a written question – Natura 2000 network – E-001787/2025(ASW)
Source: European Parliament
The infringement procedure referred to by the Honourable Member[1] remains open, with an ongoing dialogue with the Spanish authorities.

In the context of this infringement procedure, Spain has provided updates on its progress towards completing the designation process of the Special Conservation Areas across the country, including in the region of Galicia. Spain has also reviewed the methodology for setting site specific conservation objectives and measures at the time of adoption and/or update of the management plans, in order to provide a structural solution to the concerns expressed by the Commission.

The Commission is currently assessing the replies provided in the framework of the dialogue it has engaged with the Spanish authorities.

[1] INFR(2015)2003: https://ec.europa.eu/implementing-eu-law/search-infringement-decisions/?lang_code=EN&typeOfSearch=byCase&active_only=1&noncom=0&r_dossier=&decision_date_from=&decision_date_to=&EM=BG&DG=ENV&submit=Search&langCode=EN&version=v1&refId=INFR(2015)2003&activeCase=true&dg=ENV&page=1&size=10&order=desc&sortColumns=refId.
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Answer to a written question – Slovak Government cull of 350 brown bears – E-001897/2025(ASW)
Source: European Parliament
The Commission is currently assessing the recently adopted resolution[1] of the Slovak government on culling 350 bears, which lays down the obligation on the Minister of Environment to issue derogations for the culling.

The Commission has been in contact with the Slovak authorities and asked for more information about the implementation of this resolution and the derogation decisions issued by Slovakia. The Commission has also sought clarification on the new methodology used by Slovakia to estimate its bear population.

Without prejudice to the Commission’s role as the guardian of the Treaties, Member States’ national administrative and judicial authorities are primarily responsible to ensure that EU legislation is complied with. In that respect the Commission recalls that national courts play an essential role in ensuring that the derogations adopted at national level are in full compliance with the provisions of the Habitats Directive[2].

Nonetheless, the Commission is closely following the situation and in case of an established breach would take any action deemed necessary.

[1] Slovak Government resolution 182/2025 of 2 April 2025: https://rokovania.gov.sk/RVL/Resolution/22363/1.

[2] Council Directive 92/43/EEC of 21 May 1992 on the conservation of natural habitats and of wild fauna and flora OJ L 206, 22.7.1992, p. 7.
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Answer to a written question – Foot-and-mouth disease – urgent action to protect the Italian livestock industry – E-001501/2025(ASW)
Source: European Parliament
The Commission has implemented preventive measures for foot and mouth disease (FMD), which include: i) closely monitoring the EU situation; ii) developing specific legislation with disease control measures for FMD and other diseases[1] within an EU legal framework[2], iii) adopting immediate emergency measures with FMD regionalisation measures[3] which require movement restrictions and controls in the restricted zones, thus protecting the EU internal market with tighter biosecurity measures; iv) ensuring EU coordination through standing committee meetings[4]; v) managing and deploying vaccine doses from the EU FMD antigen bank; vi) providing support to all Member States, including training[5] and dispatching the EU Veterinary Emergency Team[6] on-site to assist the competent authorities; vii) regularly informing Member States and trading partners[7] about the evolution of the epidemiological situation, and viii) maintaining constant dialogue with trading partners to advocate for the recognition of EU regionalisation and to avoid unjustified trade bans.

EU co-financing of emergency veterinary measures is available under the Commission’s Single Market Programme, covering costs related to animal culling, owner compensation, and premises cleaning and disinfecting .

Support is also possible under the common agricultural policy[8] for risk management (e.g., insurance), on-farm biosecurity (e.g., fencing), and agricultural restoration post-outbreaks (i.e., restocking).

Additional emergency measures[9] for farmers affected by natural disasters, including animal diseases, were adopted on 19 December 2024. Member States may also request exceptional support[10] for farmers impacted by trade restrictions due to animal diseases.

[1] Commission Delegated Regulation (EU) 2020/687 of 17 December 2019 supplementing Regulation (EU) 2016/429 of the European Parliament and the Council, as regards rules for the prevention and control of certain listed diseases (OJ L 174, 3.6.2020, p. 64, ELI: http://data.europa.eu/eli/reg_del/2020/687/oj).

[2] Regulation (EU) 2016/429 of the European Parliament and of the Council of 9 March 2016 on transmissible animal diseases and amending and repealing certain acts in the area of animal health (‘Animal Health Law’) ( OJ L 84, 31.3.2016, p. 1, ELI: http://data.europa.eu/eli/reg/2016/429/oj).

[3] The current regionalisation is regulated by Commission Implementing Decision (EU) 2025/672 of 31 March 2025 concerning certain emergency measures relating to outbreaks of FMD in Hungary and Slovakia and repealing Implementing Decision (EU) 2025/613 (OJ L, 2025/672, 2.4.2025, ELI: http://data.europa.eu/eli/dec_impl/2025/672/oj).

[4] Standing Committee on Plants, Animals, Food and Feed: https://food.ec.europa.eu/horizontal-topics/committees/paff-committees_en.

[5] Better Training for Safer Food (BTSF) resources: https://better-training-for-safer-food.ec.europa.eu/training/?lang=en.

[6] https://food.ec.europa.eu/animals/animal-diseases/veterinary-emergency-team_en.

[7] https://food.ec.europa.eu/document/download/a0dcc301-94d4-4eb3-8c64-8cda1d3afc92_en?filename=ad_control-measures_fmd_chron_de-20250110.pdf.

[8] Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013 (OJ L435, 6.12.2021, ELI: http://data.europa.eu/eli/reg/2021/2115/2024-05-25).

[9] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32024R3242&qid=1735899275178.

[10] Article 220 of Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (OJ L 347, 20.12.2013, ELI: http://data.europa.eu/eli/reg/2013/1308/2024-11-08).
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Written question – Türkiye slices Aegean in two in violation of the UN Convention on the Law of the Sea – E-002431/2025

Source: European Parliament

Question for written answer E-002431/2025
to the Commission
Rule 144
Emmanouil Kefalogiannis (PPE)

As part of its so-called ‘Blue Homeland’ doctrine, Türkiye, in violation of the UN Convention on the Law of the Sea, has submitted its own maritime spatial planning map to UNESCO, slicing the Aegean Sea in two. The Turkish maps reflect Ankara’s well-known revisionist approach, which calls into question the influence of the Greek islands and reinstates the theory of a ‘midline’ between Türkiye and mainland Greece. The map, designed by the University of Ankara and formally submitted to UNESCO as ‘scientific proof’, calls into question the sovereignty and sovereign rights of the Greek Aegean islands. It was published in response to Greece’s spatial planning, which is already contained in the EU acquis. The difference is that the Turkish map has no basis in international law or in the UN Convention on the Law of the Sea, which has been signed by 168 countries, and is not directed at an international organisation that imposes an obligation to submit such maps. Greece will insist on its policy of principles, as is its obligation under international law.

Can the Commission therefore say:

What action will it take with regard to the Turkish map on maritime spatial planning, which calls into question the influence of Greek islands and Greek sovereignty?

Submitted: 17.6.2025

Last updated: 30 June 2025

MIL OSI Europe News –

July 1, 2025
MIL-OSI Europe: Written question – Wine tourism as a pillar of national identity and regional development – E-002472/2025
Source: European Parliament
Question for written answer E-002472/2025/rev.1
to the Commission
Rule 144
Afroditi Latinopoulou (PfE)

Wine tourism is an increasingly popular type of thematic tourism that boosts not only the national economy, but also the cultural identity of Greece. The promotion of our wine-making heritage presents more than a mere tourism option; it constitutes a strategic weapon of cultural resilience and strengthening the region. When we support Greek wines, we support national production. This is why we need to ensure that wine tourism is developed in terms of national strategy, and not just as a commercial tool.

In view of the above, can the Commission say:

1.How could it support Greece in making wine tourism part of a broader national cultural tourism narrative highlighting Greek identity?

2.What measures are being taken to ensure that small traditional producers and family wineries participate equally in eco-tourism development programmes, without being crowded out by large enterprises and multinational schemes?

3.How can local communities and local and regional authorities be further supported so that wine tourism boosts local economies and does not lead to cultural homogenisation or dependence on imported tourism development models?

Submitted: 18.6.2025
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Latest news – Meeting of 3 July 2025, Brussels – Delegation for relations with the countries of South Asia
Source: European Parliament

The next South Asia Delegation (DSAS) meeting will take place on Thursday, 3 July 2025, 9.30-11.00 in Brussels. This meeting will be a dedicated to an exchange of views on latest developments in the Maldives with the participation of:
- Mr Charles WHITELEY, Head of Division, Asia and Pacific (POL.ASIAPAC.6), European External Action Service (EEAS)
- H.E. Ms Ali GEELA, Ambassador of the Republic of Maldives to the Kingdom of Belgium and Head of Mission to the European Union
- H.E. Ms. Aminath SHAUNA, former Minister of Environment, Climate Change and Technology of the Maldive
- Mr Mickail NASEEM, Member of the Majlis, Maldivian Democratic Party (MDP)
The meeting will be held in camera.
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Answer to a written question – The need to protect production at SGL Carbon (formerly FISIPE) and jobs – E-001905/2025(ASW)
Source: European Parliament

SGL Composites S.A., the Portuguese unit of SGL Carbon located in Lavradio, received a total of EUR 624 514, from the European Regional Development Fund (ERDF) for two projects, through the Lisbon operational programme 2014-2020.

In addition, the company received EUR 929 520[1], as of May 2025, for the ‘investment project for the decarbonisation of industrial activity and promotion of energy efficiency levels’ under the Portuguese Recovery and Resilience Plan (RRP).

According to the data published by the Portuguese authorities, both ERDF projects were finalised by end-2019, so there is no likely impact on the durability[2] of these operations.

Following the SGC Carbon announcement of a restructuring of its carbon fibres business unit, justified by ongoing financial losses, in February 2025[3], the company announced in May 2025 the closure of its production site in Lavradio, Portugal[4]. No further information regarding other possible closures has been released.

The Commission promotes corporate social responsibility in the EU and encourages enterprises to adhere to international principles and to follow socially responsible management when restructuring.

However, it does not intervene in the management decisions of private companies. In the event of dismissals, workers may benefit from European Social Fund Plus (ESF+) support in their search for new employment under the conditions set out by the Member State’s programmes.

Additionally, the European Globalisation Adjustment Fund for displaced workers (EGF) can assist dismissed workers to help them to find new employment in the face of an unexpected major restructuring event.
- [1] The RRF is a performance-based instrument. This figure is according to the Mais Transparência website of the Portuguese authorities: https://transparencia.gov.pt/pt/fundos-europeus/prr/beneficiarios-projetos/projeto/02/C11-i01/2022.PC658685467-00471800/.
- [2] As provided by the article 71 of Regulation 1303/2013.
- [3] https://www.sglcarbon.com/en/newsroom/news/press-report/adhoc-notification-sgl-carbon-decides-to-restructure-its-carbon-fibers-business-unit-presentation-of-preliminary-figures-for-fiscal-year-2024/?utm_source=chatgpt.com.
- [4] https://www.sglcarbon.com/en/newsroom/news/press-report/closure-of-sgl-carbon-production-site-in-lavradio/.
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Answer to a written question – The Irish Marriage Bar and Directive 2006/54/EC – E-001933/2025(ASW)
Source: European Parliament
The Commission recognises that the Irish Marriage Bar, which required women to leave public sector employment upon marriage and was lifted in 1973-1974 shortly after Ireland’s accession to the EU, was a measure that had clear negative consequences for women’s participation in the labour market and their pension entitlements.

As far as the occupational social security schemes that the Honourable Member refers to are concerned, Directive 2006/54/EC[1], which codified earlier legislation including Directive 76/207/EEC on gender equality in access to employment and occupation (in force since 1976), applies to equal opportunities in access to the labour market.

The Irish ban lifted in 1973/74 would on substance not seem to be compatible with this legislation but is not covered by the application of the directive ratione temporis.

[1] https://eur-lex.europa.eu/eli/dir/2006/54/oj/eng.
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Answer to a written question – State of water in the River Limia drainage basin and the As Conchas reservoir – E-001822/2025(ASW)
Source: European Parliament
The Commission is following the situation in the As Conchas reservoir, fed by the River Limia, and is in close contact with the Spanish authorities regarding the implementation of the Nitrates Directive[1].

According to the third River Basin Management Plan (RBMP) reported by the Spanish authorities within the Water Framework Directive[2] (WFD), the As Conchas reservoir (ES010MSPFES511MAR002400) is in ‘worse than good’ general status, having moderate ecological potential and good chemical status.

The RBMP refers to urban discharges and overflows of sanitation systems following heavy rain and agriculture as significant pressures. In addition, the data reported under the Nitrates Directive shows eutrophication in that reservoir.

The Commission services have recently consulted the Spanish authorities on the actions envisaged for the As Conchas reservoir in the context of the implementation of the directive and have asked for actions to tackle the situation in line with the legal requirements.

The Commission is aware that the competent authorities are examining the designation for this reservoir and has requested to be informed on the progress of the designation procedure.

The Commission is supporting Member States, including Spain, in their efforts to appropriately implement the Nitrates Directive and will take all the necessary actions within its powers to ensure that all the legal obligations under the directive are being complied with in the EU territory.

[1] Council Directive 91/676/EEC of 12 December 1991 concerning the protection of waters against pollution caused by nitrates from agricultural sources. OJ L 375, 31.12.1991, p. 1-8.

[2] Directive 2000/60/EC of the European Parliament and of the Council of 23 October 2000 establishing a framework for Community action in the field of water policy OJ L 327, 22.12.2000, p. 1-73.
Last updated: 30 June 2025
MIL OSI Europe News –
July 1, 2025
MIL-OSI Europe: Answer to a written question – Supporting artisans/artists on the Greek islands – E-001701/2025(ASW)

Source: European Parliament

During the period of the economic adjustment programmes (2010-2018), Greece implemented a wide range of fiscal and structural reforms aimed, among others, at improving the efficiency of public finances.

Among these measures was the gradual elimination of reduced VAT rates for certain economically rich islands in the Cyclades, as part of a broader reform of simplifying the VAT structure, broadening the tax base, and eliminating various exemptions.

It is noteworthy that the Ionian islands never benefited from reduced VAT rates, while the islands of Leros, Lesvos, Kos, Samos and Chios maintained reduced VAT rates.

Following Greece’s successful completion of the financial assistance programmes, the country returned to normal economic governance under the European Semester framework.

As such, decisions on tax policy fall entirely under the competence of the Greek authorities but need to comply with the rules set out in Council Directive (EU) 2022/542.

The EU continues to provide targeted support to Greek islands through various instruments, including the Cohesion Policy Funds. As announced in the communication on ‘A modernised Cohesion policy:

The mid-term review’, to support islands in addressing their challenges, the Commission will also launch a consultation on the development of a Strategy for Islands.

Member States are free to design their tax systems, including how to determine the tax base and tax rates as well as appropriate incentives and tax breaks for taxpayers, as long as they respect primary and secondary EU law.

Such policies must be designed carefully taking into account effectiveness, fairness, their fiscal impact and with minimal compliance costs.

MIL OSI Europe News –

July 1, 2025
MIL-OSI USA: NYS Pays Off Unemployment Insurance Debt

Source: US State of New York

arlier today, Governor Kathy Hochul rallied with the Hotel and Gaming Trades Council, AFL-CIO to announce New York State has paid off the nearly $7 billion federal Unemployment Insurance (UI) Trust Fund loan — a move that will bring the fund to solvency, increase benefits for unemployed New Yorkers and cut costs to businesses. The Governor announced this action back in May as part of the Fiscal Year 2026 Enacted Budget.

VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

AUDIO: The Governor’s remarks are available in audio form here.

PHOTOS: The Governor’s Flickr page has photos of the event here.

A rush transcript of the Governor’s remarks is available below:

Thank you, everyone. Is HTC in the house?

[…]

Then I’m in the right place. So great to see a group of people who understands the power of leadership, and in Rich Maroko, you have the very best. He has been —

[…]

We all love him. We love you, Richard. Great friend of ours.

But also I am so fortunate to have partners that I trust and rely on to govern this state, and I want to tell you about Carl Heastie, the Speaker. I don’t think we had a single conversation for months where he didn’t raise the issue of like, “Governor, can we finally fix the unemployment insurance issue, then we get to everything else?” So he was dogged in his determination to make sure we got this done. I want to thank him. And Harry Bronson as well, our Assemblymember from Upstate New York. Anybody find Upstate New York on a map? It’s a great place. Okay. I know we have members up there as well, Harry, but Carl, thank you, thank you, thank you for being conscious.

And Leader Steward-Cousins, making sure that the Senate was on board to drive this and get this over the finish line. These are the leaders that worked with me to say it is time we stood up for our workers. This is how we get it done. So thank you to them.

Also, we have an extraordinary Commissioner of Labor who hearkens back to the legacy of Frances Perkins, who was so forward thinking when she was Commissioner of Labor for FDR when he was Governor. Did you know he was Governor first? Yeah, okay. Then he went to be President, he took her with him and they changed the course of history by lifting up people in the greatest time of need. And I want to thank Roberta Reardon for being our 2025 version of Frances Perkins.

Alright. It’s time to just talk this time. Is this on? It is on. Alright.

These are really tough times for our people. When we can do something like this, it sends a message that we care so deeply about every stress that people are going through, especially the high cost of living. It is oppressive. It is so discouraging because you work hard and many of you came from immigrant parents or grandparents or yourselves. You came here to live the American — in fact, I’ll say the New York Dream, and no matter how hard you’re working and you’re getting good wages because you have a great fighter — sometimes it just feels like we’re not getting ahead. No one counted on a pandemic to slam us down and to stop people from coming to our city, which is the bread and butter of this union. Remember those times. We tried to help you with resources at that time, and then when you think we’re out of the woods, now we’re going to be okay — this is New York — then inflation knocks us down. Everything you bought for your little kids taking care of your teenagers, your adult kids who needed your help, they sometimes didn’t even leave the basement, right? They couldn’t find a place to live, right? People have struggled, no fault of their own.

So, I have declared for a long time that your family is my fight. I announced that with a whole set of reforms back as part of my State of the State. You know what we got done? Everything I wanted to do. It’s $5,000 back in families’ pockets and I want to thank our leaders once again because when I said we need a middle class tax cut the largest in seven years, they said yes. When I said we need an inflation rebate, putting $400 back in peoples’ pockets, they said yes. A Child Tax Credit — anybody with little kids? They’re pretty expensive, aren’t they? I mean, I’m New York’s first mom Governor. I know. And I’m a grandma too, so I know what it costs for families today. A $1,000 for families with a child under the age of four or $500 for older kids. And we’re going to pick up the cost of school lunches and breakfast. That adds up to $5,000 for New York families.

So we have been laser focused on affordability and we’re just getting warmed up. We know we can do more. When I think about our union men and women now, we are the most unionized state in America. The most pro-union state in America? Yes, and I happen to come from the most unionized part of the most unionized State of New York, and that is Western New York. We got a Western New Yorker out there. Really? Where are you from? Alright. I’ll know you’re a real Western New York if you say, “Go Bills,” or — I’ll stop. I’ll stop. I know I’ll keep that for the season. Alright, let me get back on track. I am trying to unite Upstate and Downstate. There are three teams coupled, placed somewhere else, but okay, we’ll work on that.

But it’s in my blood because grandpa was a very poor immigrant who lived in great poverty, worked as a migrant farm worker himself, came to Buffalo to make steel with his hands. My dad did the same, his brothers did the same. My next door workers worked at the GM plant. So it is in my blood to fight for working men and women. And when I know there’s something that happens periodically, because I’ve been on so many strike lines, then people need to strike for better wages and conditions — that first of all, to wait three weeks for those benefits to take effect. That’s a long hungry time for your family — long time. My dad was on strike when we were little kids at the steel plant. His parents tried to help him out. They struggled. I remember him telling me this. I didn’t know this story until much later in his life. So, families suffer when the parents are out there fighting for good wages and benefits. We can’t let that happen. It’s now three weeks down to two. We made that happen for you.

But to think because there was this huge debt owed to our unemployment system, and I want to give — everybody give another round of applause to Roberta Reardon, who made sure the checks went out during the pandemic. We owed a lot of money and they said under the rules. You can’t raise that amount up from $504 a week. I said, “$504 a week. Who can live on that? Nobody. Nobody”. And I said, “Well, why aren’t we able to raise it?” Well, you have to pay down the debt. Alright, so we have these reserves, it’s going to be $7 billion that we shipped from here over here to pay it out. And that’s a lot of money. I worked hard and I said, “I’m saving that for a rainy day.” And all of a sudden I declared. It’s raining. It’s raining. It’s time to make sure that if people are on strike or unemployed, lose their job — $869 a week. That’s how we lift people up.

And I’m going to continue because we have a long road ahead, but I’ll tell you, we’re all New Yorkers. There’s nobody tougher than us, right? We are strong, we’re resilient, and all these policies out of Washington are scarier than hell. Talk about the hotels losing business from the Canadians. It’s hard to blame them because they were insulted by our President, right? We’re trying to win them back. I was up in Elise Stefanik’s district Friday, meeting hotel owners up there and small businesses and people in the restaurants. They’re going to be starving because the Canadians used to come over. They’re our friends, they’re our neighbors. They used to spend weekends here in New York City staying at your hotels. And now they’re saying, we’re not coming. The President needs to reset that relationship now. Let them come back, fix that relationship now.

And we’re on a high, we’re having a good time. This is New York. But if those bills that you hear about — the Big Ugly Bill that is being worked on by the Senate right now to give tax breaks to millionaires and billionaires out of your pockets — that is going to be devastating for people on Medicaid and people who need the support for childcare. And SNAP benefits, my gosh, so many families rely on this. So, I’m excited about what we can do here in New York, but we must continue to be the firewall to stop the insanity in Washington. Say no matter what they do, we have your back here in the great State of New York. You can count on that.

Thank you, everybody. Thank you.

MIL OSI USA News –

July 1, 2025
MIL-OSI Video: Greece on Damascus Church bombing – Security Council Media Stakeout | United Nations

Source: United Nations (video statements)

Comments to the media by Ambassador Evangelos Sekeris, Permanent Representative of Greece to the United Nations, on Damascus Church bombing.

https://www.youtube.com/watch?v=jL_zoG3TinQ

MIL OSI Video –

July 1, 2025
MIL-OSI United Nations: Secretary-General’s Joint Press Encounter with the President of Spain [scroll down for all-English and all-Spanish]

Source: United Nations secretary general

Querido Pedro Sánchez, Presidente del Gobierno de España quiero agradecerte y agradecer al Gobierno y al pueblo de España por la magnífica organización de esta Conferencia y por la extraordinaria hospitalidad que estamos recibiendo.

España es un pilar del multilateralismo, un socio firme de las Naciones Unidas y un defensor del desarrollo – como demuestra, una vez más, al acoger esta importante conferencia.

España es también una voz líder mundial por la paz – y comprende los profundos vínculos entre el desarrollo y la paz.

At a time of profound global turmoil, we must keep working for peace, for peace in the Middle East.

For an immediate ceasefire in Gaza, the immediate release of all hostages, and unimpeded humanitarian access as a first step to achieve the two-State solution.

For the ceasefire between Iran and Israel to hold.

For a just and lasting peace in Ukraine based on the UN Charter, international law and UN resolutions.

For an end to the horror and bloodshed in Sudan.

We know that sustainable peace requires sustainable development.

Ladies and gentlemen of the media.

As I said in opening the Conference this morning, development is not just about numbers on a page.

It’s about food, health care and education.

It’s about jobs and social protection.

It’s about infrastructure like water systems, internet access and climate-resilient buildings.

It’s about providing equal opportunity for girls and women which moves all societies ahead.

It’s about easing human suffering, and driving progress across every community, large and small.

Development is about people.

And we have collectively made great strides in development in recent decades.

But progress doesn’t happen on its own.

It takes support and investment.

As we meet, the world is falling behind in its commitments to advance the Sustainable Development Goals.

Achieving them will take an investment of more than $4 trillion a year.

And meanwhile, global growth is slowing, trade barriers are rising, and aid budgets are falling.

Developing countries are drowning in debt service payments, which have skyrocketed to $1.4 trillion every year.

And the great enabler of development — international cooperation — is being chipped away by geopolitical mistrust and division.

Now, this Conference is about rebuilding that trust with concrete commitments.

With the adoption of the Sevilla Commitment document, countries are proving their dedication to getting the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries, that must have a much stronger voice and participation in the institutions of this financial architecture.

The Sevilla Platform of Action being launched later today will help us move from words to action.

It contains dozens of new practical initiatives to accelerate funding for development around the world.

This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.

This is one of 11 immediately actionable proposals to help resolve the debt crisis, backed by my group of experts on debt that will be publishing their report.

I look forward to working closely with Member States — including the G20 — to bring this forum to life.

Por encima de todo, Sevilla va de soluciones.

Y de encontrar esas soluciones en un momento de dificultades y división para la familia humana.

Espero que nuestros esfuerzos colectivos aquí en Sevilla puedan inspirar y motivar a los países del mundo a trabajar unidos para resolver otros desafíos globales.

Y una vez más, quiero agradecer al Presidente del Gobierno y al pueblo español por dar la bienvenida al mundo aquí en Sevilla.

Muchas gracias.

****
[all-English]

Prime Minister Sánchez, my thanks to you and the government and people of Spain for your tremendous hospitality.

Dear Pedro Sánchez, President of the Government of Spain, I would like to thank you and the Government and people of Spain for the magnificent organization of this Conference and for the extraordinary hospitality we are receiving.

Spain is a pillar of multilateralism, a steadfast partner of the United Nations, and a champion of development as we see once again in your hosting of this major conference.

Spain is also a leading global voice for peace — and understands the deep linkages between development and peace.

At a time of profound global turmoil, we must keep working for peace, for peace in the Middle East.

For an immediate ceasefire in Gaza, the immediate release of all hostages, and unimpeded humanitarian access as a first step to achieve the two-State solution.

For the ceasefire between Iran and Israel to hold.

For a just and lasting peace in Ukraine based on the UN Charter, international law and UN resolutions.

For an end to the horror and bloodshed in Sudan.

We know that sustainable peace requires sustainable development.

Ladies and gentlemen of the media.

As I said in opening the Conference this morning, development is not just about numbers on a page.

It’s about food, health care and education.

It’s about jobs and social protection.

It’s about infrastructure like water systems, internet access and climate-resilient buildings.

It’s about providing equal opportunity for girls and women which moves all societies ahead.

It’s about easing human suffering, and driving progress across every community, large and small.

Development is about people.

And we have collectively made great strides in development in recent decades.

But progress doesn’t happen on its own.

It takes support and investment.

As we meet, the world is falling behind in its commitments to advance the Sustainable Development Goals.

Achieving them will take an investment of more than $4 trillion a year.

Meanwhile, global growth is slowing, trade barriers are rising, and aid budgets are falling.

Developing countries are drowning in debt service payments, which have skyrocketed to $1.4 trillion every year.

And the great enabler of development — international cooperation — is being chipped away by geopolitical mistrust and division.

This Conference is about rebuilding that trust with concrete commitments.

With the adoption of the Sevilla Commitment document, countries are proving their dedication to getting the engine of development revving again:

Through new domestic and global commitments that can channel public and private finance to the areas of greatest need…

By overhauling the world’s approach to debt to make borrowing work in service of sustainable development…

And by reforming the global financial architecture to reflect today’s realities and the urgent needs of developing countries, that must have a much stronger voice and participation in the institutions of this financial architecture.

The Sevilla Platform of Action being launched later today will help us move from words to action.

It contains dozens of new practical initiatives to accelerate funding for development around the world.

This includes the commitment to establish a borrowers forum for countries to learn from one another and coordinate their approaches in debt management and restructuring.

This is one of 11 immediately actionable proposals to help resolve the debt crisis, backed by my group of experts on debt that will be publishing their report.

I look forward to working closely with Member States — including the G20 — to bring this forum to life.

Above all, Sevilla is about solutions.

And finding these solutions at a divided and difficult moment for the human family.

It is my hope that our collective efforts here in Sevilla can inspire and motivate the countries of the world to work as one to solve other global challenges.

Once again, I’d like to thank Prime Minister Sánchez and the people of Spain for welcoming the world to Sevilla.

Thank you.

*****
[all-Spanish]

Querido Pedro Sánchez, Presidente del Gobierno de España quiero agradecerte y agradecer al Gobierno y al pueblo de España por la magnífica organización de esta Conferencia y por la extraordinaria hospitalidad que estamos recibiendo.

España es un pilar del multilateralismo, un socio firme de las Naciones Unidas y un defensor del desarrollo – como lo demuestra, una vez más, al acoger esta importante conferencia.

España es también una voz líder mundial por la paz – y comprende los profundos vínculos entre el desarrollo y la paz.

En estos momentos de profunda agitación mundial, debemos seguir trabajando por la paz, por la paz en Oriente Medio.

Por un alto el fuego inmediato en Gaza, la liberación inmediata de todos los rehenes y un acceso humanitario sin trabas – como primer paso para lograr la solución de dos Estados.

Por el mantenimiento del alto el fuego entre Irán e Israel.

Por una paz justa y duradera en Ucrania, basada en la Carta de las Naciones Unidas, el derecho internacional y las resoluciones de la ONU.

Por el fin del horror y el derramamiento de sangre en Sudán.

Sabemos que una paz sostenible requiere un desarrollo sostenible.

Señoras y señores de los medios,

Como he dicho esta mañana al inaugurar la Conferencia, el desarrollo no es solo números en un papel.

El desarrollo tiene que ver con la alimentación, la atención sanitaria y la educación.

Con los empleos y la protección social.

Con las infraestructuras, como los sistemas de abastecimiento de agua, el acceso a Internet y los edificios resistentes al clima.

Se trata de ofrecer igualdad de oportunidades a las niñas y las mujeres, que tan a menudo son las primeras a quienes se deja atrás.

Se trata de aliviar el sufrimiento humano e impulsar el progreso en todas las comunidades, tanto grandes como pequeñas.

El desarrollo se trata de las personas.

Y colectivamente hemos hecho grandes progresos en materia de desarrollo en las últimas décadas.

Pero los progresos no se producen por sí solos.

Se necesita apoyo e inversión.

Mientras nos reunimos, el mundo se está quedando a la zaga en sus compromisos de impulsar los Objetivos de Desarrollo Sostenible.

Para alcanzarlos, hará falta una inversión de más de 4 billones de dólares al año.

Y mientras tanto, el crecimiento mundial se ralentiza, las barreras comerciales aumentan, y disminuyen los presupuestos para ayuda.

Los países en desarrollo están ahogados por los pagos de servicio de la deuda, que se han disparado hasta los 1,4 billones de dólares anuales.

Y la desconfianza y la división geopolíticas están minando el gran motor del desarrollo, que es la cooperación internacional.

Esta Conferencia trata de reconstruir esa confianza con compromisos concretos.

Con la adopción del documento del Compromiso de Sevilla, los países están demostrando que quieren volver a acelerar el motor del desarrollo:

Con nuevos compromisos nacionales y globales que dirijan la financiación pública y privada a las esferas donde es más necesaria…

Revisando el enfoque global de la deuda para hacer que el endeudamiento esté al servicio del desarrollo sostenible…

Y reformando la arquitectura financiera mundial para que refleje las realidades actuales y las necesidades urgentes de los países en desarrollo que deben tener una voz y una participación mucho más fuertes en las instituciones de esta arquitectura financiera.

La Plataforma de Acción de Sevilla, que se pondrá en marcha hoy, nos ayudará a pasar de las palabras a los hechos.

Contiene docenas de nuevas iniciativas prácticas para acelerar la financiación del desarrollo en todo el mundo.

Este incluye el compromiso de establecer un foro de prestatarios para que los países aprendan unos de otros y coordinen sus planteamientos en la gestión de la deuda y la reestructuración.

Esta es una de las 11 propuestas de acción inmediata para ayudar a resolver la crisis de la deuda, respaldadas por mi grupo de expertos en deuda que publicará su informe.

Espero trabajar en estrecha colaboración con los Estados miembros -incluido el G20 – para dar vida a este foro.

Por encima de todo, Sevilla va de soluciones.

Y de encontrar esas soluciones en un momento de dificultades y división para la familia humana.

Espero que nuestros esfuerzos colectivos aquí en Sevilla puedan inspirar y motivar a los países del mundo a trabajar unidos para resolver otros desafíos globales.

Y una vez más, quiero agradecer al Presidente del Gobierno y al pueblo español por dar la bienvenida al mundo aquí en Sevilla.

Muchas gracias.

MIL OSI United Nations News –

July 1, 2025
MIL-OSI United Nations: Mobilize Resources, Fix Global Debt System, Increase Developing World’s Role in Global Financial Institutions, Secretary-General Urges as Sevilla Conference Opens

Source: United Nations General Assembly and Security Council

Following are UN Secretary-General António Guterres’ remarks at the opening of the fourth Financing for Development Conference, in Sevilla, Spain, today:

I thank the Government and people of Spain for welcoming us to Sevilla for this important conference.

For decades, the mission of sustainable development has united countries large and small, developed and developing. Together, we achieved progress: reducing global poverty and hunger; saving lives with stronger healthcare systems; getting more children into school; expanding opportunities for women and girls; and strengthening social safety nets.

But, today, development and its great enabler — international cooperation — are facing massive headwinds. We are living in a world where trust is fraying and multilateralism is strained. A world with a slowing economy, rising trade tensions and decimated aid budgets. A world shaken by inequalities, climate chaos and raging conflicts.

The link between peace and development is clear. Nine of the 10 countries with the lowest Human Development Indicators are currently in a state of conflict.

Financing is the engine of development. And right now, this engine is sputtering. As we meet, the 2030 Agenda for Sustainable Development — our global promise to transform our world for a better, fairer future — is in danger. Two thirds of the Sustainable Development Goals targets are lagging. Achieving them requires an investment of more than $4 trillion a year.

But, this is not just a crisis of numbers. It’s a crisis of people. Of families going hungry. Of children going unvaccinated. Of girls forced to drop out of school.

We are here in Sevilla to change course; to repair and rev up the engine of development to accelerate investment at the scale and speed required; and to restore a measure of fairness and justice for all.

The Sevilla Commitment document is a global promise to fix how the world supports countries as they climb the development ladder. I see three areas of action.

First — we must get resources flowing. Fast. Countries must lead by mobilizing domestic resources and investing in areas of greatest impact: schools, healthcare, social protection, decent work and renewable energy.

Unlocking these investments requires strengthening tax systems, and tackling illicit financial flows and tax evasion. And helping developing countries dedicate a greater share of their tax revenues to the systems people need.

The Sevilla Commitment’s call on developed countries to double their aid dedicated to domestic resource mobilization to support this. Multilateral and national development banks must unite to finance major investments.

This includes tripling the lending capacity of Multilateral Development Banks — and rechanneling special drawing rights that can unlock lending capacity and help developing countries boost investment.

We also need innovative funding solutions to unlock private capital. Solutions that mitigate currency risks; that combine public and private finance more effectively, and ensure the risks and rewards of development projects are shared by both the public and private sectors; And that ensure financial regulations assess risk appropriately and support investments in frontier markets.

Second — we must fix the global debt system which is unsustainable, unfair and unaffordable. With annual debt service at $1.4 trillion, countries need — and deserve — a system that lowers borrowing costs, enables fair and timely debt-restructuring, and prevents debt crises in the first place.

The Sevilla Commitment lays the groundwork, with other aspects, by also creating a single debt registry for transparency, and promoting responsible lending and borrowing; by lowering the cost of capital through debt swaps and debt management support; and through debt-service pauses in times of emergency

And third — we must increase the participation of developing countries in the institutions of the global financial architecture. The present major shareholders have a role to play recognizing the importance of correcting injustices and adapting to a changing world.

A new borrowers forum will give voice to borrowers for fairer debt resolution and can foster transparency, shared learning and coordinated debt action. And we need a fairer global tax system shaped by all, not just a few.

This conference is not about charity. It’s about restoring justice and lives of dignity. This conference is not about money. It’s about investing in the future we want to build, together. Thank you all for being part of this important and ambitious effort.

MIL OSI United Nations News –

July 1, 2025