(Bloomberg) -- The European Investment Bank will have an increasingly important role in financing the reconstruction of Ukraine and the green transition, as well as projects that strengthen the region’s economy, according to the institution’s next head.
“As soon as I get to the bank we will just continue the work which is ongoing to support the rebuilding and the infrastructure investments that are necessary” for Ukraine, Spanish Economy Minister Nadia Calvino told Bloomberg Television on Friday.
“This is not something that starts at the end of the war,” she added. “It is a matter of also preserving the necessary infrastructure for Ukrainian citizens to continue to have as normal a life as possible.”
Calvino spoke just hours after getting the nod to take over the world’s biggest multilateral lender in January. Established at the birth of the European Union in 1958, the EIB is the funding arm of the 27-nation bloc, disbursing hundreds of billions of euros for development projects. Its goals include the climate and environment, cohesion, and small and medium-sized enterprises.
The EU aims to move ahead with a proposal to tax profits from more than €200 billion ($215 billion) of frozen Russian central bank assets to aid Ukraine’s reconstruction. The bloc’s leaders are due to discuss whether to open membership talks with Kyiv at a summit next week.
--With assistance from Max Ramsay.
©2023 Bloomberg L.P.
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