Nadia Calviño (A Coruña, 55 years old) has not yet completed her second month as president of the European Investment Bank (EIB), but she is already showing that she has studied and knows the priorities of the institution she now leads, the largest multilateral Bank It is the largest bank in the world with assets of more than 500,000 million. The former vice president of the government joins the EU's financial arm, a lender that specializes in financing infrastructure, to which the ministers of the member states and the heads of state and government of the Union are now delegating tasks, forced by the dangerous geostrategic situation. play a key role in promoting the European defense industry. This contributes to the role it demands in the green and digital transition, leading the Commission to ask it to take more risks. In his first interview with Spanish media after taking office, Calviño defends that the EIB has a “very solid position”, although he admits that one of his tasks will be to “strengthen activities in other countries”.
Questions. What will be your model for the bank?
Answer. The group is the financial arm of the Union and has a very solid financial position thanks to a high capital ratio, a triple A [la máxima calificación crediticia] very solid. And that gives us a very good basis to play an important role in the coming years. We must build on these strengths, focus our activities on the Union's political priorities and also try to modernize the Bank, because it has grown very quickly in recent years.
Q Do you attach as much importance to good creditworthiness as your predecessor?
R. It is important that the EIB has a triple A, I would even say a triple A plus. This gives us favorable financing conditions, supports investments in Europe and offers SMEs, for example, very good conditions.
Nadia Calviño, during the interview. Delmi Alvarez
Q You know that the European institutions believe that the EIB takes few risks. Will you continue to be so careful?
Q It is important that we combine lower-risk but large-scale activities, such as financing SMEs or more traditional activities such as infrastructure, with higher-risk activities. We have to have a balance. In addition, the bank has taken significantly more risks since the pandemic, both inside and outside Europe, for example in Ukraine. Thanks to the EIB, high-risk projects that would be unthinkable without the support of a public bank become a reality, mobilizing public and private investments. We are often not clear about the extent to which all major investments taking place in Europe are financed in one way or another by the EIB.
Q And isn't it time to become a more industrial bank?
R. We have a very solid position in large infrastructure and green finance, but we need to strengthen our activities in other areas. That's exactly what it is today [por este viernes] I spoke to finance ministers who supported our approach to strengthening our activities in areas such as digitalization, decarbonization technology, agriculture, biotechnology, social infrastructure, education, health, housing, security and defense, etc.
QHow far are you willing to go in the area of security and defense?
R. It is clear that we must strengthen the European security and defense industry; our defense and also deterrence capacity. That is clear. The EIB has been financing investments in security and defense for eight years, particularly in research and development, new technologies or the protection of critical infrastructure. These include border controls and dual-use technologies: drones, cybersecurity, space industry… We have a financing program of 8,000 million until 2027 and only 2,000 have been used. At the meeting with the ministers [del pasado viernes] We agreed to rationalize investments in security and defense and work on the definition, concept and scope of dual-use technologies. We will try to accelerate investments as much as possible with the 6 billion that are in the financing program. And in January we launched a capital instrument with 175 million euros to support medium-sized companies and start-ups [empresas emergentes] In this sector.
I have agreed with European ministers to accelerate investment in security.
Nadia Calvino
Q And can the EIB finance the production of weapons or ammunition? Furthermore, Brussels is currently trying to push forward a European Defense Union, not only for Ukraine's needs, but also because member states' arsenals are emptying themselves and need to be modernized.
R. The activities in which we operate cover a very important part of the investments to be developed and therefore very well complement the measures that governments can develop with national budgets or the Community budget. It is important that each player in this market focuses on the areas where they have greater added value. And it is also important to know exactly whether more financing is needed in each of the markets and in each activity or whether other levers can strengthen the European defense industry.
Q Do you mean that governments sign sales contracts directly?
R. For example.
Q Are there not loopholes for a more direct involvement of the EIB not only in military and civilian dual-use material, but also in lethal defense material?
R. I insist. It is about identifying which instruments are best suited to meet individual needs, knowing that we all agree that the European security and defense industry needs to be strengthened and that the EIB is already in this area operates. We will all try to do more and better.
Q Can the financing of nuclear energy lead to a division between Member States?
R. The EIB is present and finances investments in all key technologies for the green transition. A few weeks ago we approved an important project in Romania to process tritium, a nuclear fuel. We always work hand in hand with Euratom and therefore the European Commission.
Nadia Calviño answers a question during the interview. Delmi Alvarez
Q Will the EIB finance new nuclear power plants?
R. Currently, the main focus is on research in the area of small modular reactors. This is R&D and therefore research in which we must strengthen European capacities.
Q Do you agree with Commission Vice-President Maros Sefcovic's statement that “political considerations take precedence over benefits” regarding the EIB?
R. We must continue to be a profitable bank with good risk management and, if possible, align this more closely with Europe's political priorities. One of my contributions is to deepen and strengthen alliances with other institutions. This is one of the things that I bring to the EIB: the close relationship with the Commission, the European Bank for Reconstruction and Development, the States and the national development banks. This strategic alliance and this much closer collaboration between all institutions is crucial so that we can achieve the greatest possible impact with every euro of public money.
“We must continue to be a profitable bank with good risk management.”
Nadia Calvino
Q The EIB has an important role to play in the reconstruction of Ukraine. Are you taking a big risk with this?
R. Given the need for investment, public institutions must de-risk to attract private investment. This is precisely the added value of the EIB. For our activities outside the EU, it is essential to have the guarantee of the Community or national budget.
Q What geopolitical role do you see for the EIB outside the EU and outside Ukraine?
R. Of the 88 billion euros in operations we signed last year, more than 90% are within the European Union. Although the EIB has the largest balance sheet, its activities are heavily concentrated in the EU. Therefore, outside the EU we need to use synergies with other institutions, with local financial institutions and concentrate our activities where there are European political priorities; And this is where we can achieve greater added value. At the moment it is Ukraine whose expansion, including the southern neighborhood, is very important for Spain. We talk about the Mediterranean and the European strategic agenda for sub-Saharan Africa, Latin America and Asia.
Q In this way, can the EIB contribute to Europe's access to critical raw materials through investment financing?
R. We must support the strategies drawn up by the EU in this area, which, in addition to emphasizing development, ecological transition or gender policies, place increasing emphasis on ensuring industrial value chains and access to critical raw materials essential for strategic autonomy in the EU and digital spheres.
Portrait of Nadia Calviño, on February 23rd in Ghent. Delmi à lvarez
Q Given this and the reindustrialization being discussed recently, can the EIB be a good pillar to support this new economic security strategy?
R. Without doubt. In my contacts with the ministers, with the European institutions and with the Commissioners, they have all told me that the EIB is fundamental in the areas of strategic autonomy, economic security and the reindustrialization of Europe in a green and digital sense.
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