The European Investment Bank (EIB) said Monday that it would provide Airbus with a record 3 billion euros ($3.4 billion) in financing to boost planemaker's research and development programs.

The EU's lending arm said the money was intended to strengthen the European aircraft manufacturer's technological edge in the commercial aviation, defense and space sectors in the face of global competition ​from the likes of the United States and China.

A joint statement on Monday ​said Airbus had signed an initial 1 billion euro loan with the EIB as part of the financing package.

"This new financing – unprecedented in the EIB's history – aims to provide Airbus with not only the capacity but also the flexibility needed to invest in long-term research, development and innovation across both commercial aviation and the security and defense sectors," EIB Vice President Ambroise Fayolle told Agence France-Presse (AFP).

Some of the money will also support Airbus' efforts to reduce planet-warming emissions from its aircraft, Fayolle added.

The loan for Airbus is the latest move by Europe to shore up its technology and industrial sectors, ​and it follows a planned tie-up of the satellite activities of ​Airbus, Thales and Leonardo, which is aimed at creating a European rival ‌to ⁠Elon Musk's Starlink.

The EIB said its financing deal for Airbus, whose main rival is Boeing, would support Airbus' planned investments through to 2030.

It added ​that the 3 ⁠billion euro package for Airbus was the largest-ever corporate loan authorized by the EIB.

"This facility reinforces the depth of ​our strategic partnership with the EIB, supporting the ​commercial and ⁠defense research that drives European industrial competitiveness," said Airbus CFO Thomas Toepfer in ​a statement.

"The highly competitive terms and extended flexibility grant us the maximum optionality to manage our ⁠balance ​sheet, minimize the cost of carry ​and sustain our long-term investments in aerospace innovation," Toepfer added.