EIB President Calviño Engages in Strategic Talks during Portugal Visit

(IN BRIEF) Nadia Calviño, President of the European Investment Bank Group (EIB Group), embarked on a diplomatic mission in Portugal, engaging in crucial discussions aimed at bolstering strategic investments and partnerships in the country. Meeting with key figures including Minister of State and Finance Joaquim Miranda Sarmento, Minister of Economy Pedro Reis, and municipal leaders like Lisbon’s Carlos Moedas and Porto’s Rui Moreira, Calviño explored avenues to advance the green and digital transitions, enhance competitiveness, and foster cohesion in Portugal. The visit also included on-site inspections of impactful projects like the flood prevention system in Lisbon and improvements to Porto de Leixões, reaffirming the EIB’s commitment to catalyzing positive change in Portuguese communities. With Portugal benefiting significantly from EIB financing, constituting approximately 1% of its GDP, the discussions aimed to reinforce the collaborative efforts between the EIB and Portugal in achieving mutual economic and developmental objectives.

(PRESS RELEASE) LUXEMBOURG, 25-May-2024 — /EuropaWire/ — President of the European Investment Bank Group (EIB Group) Nadia Calviño was in Porto, meeting Minister of State and Finance Joaquim Miranda Sarmento to discuss ways in which the EIB Group can further support the country through strategic investments.

“The EIB is a close partner to Portugal, supporting strategic investments in key infrastructures, health, education, and housing, as well as its vibrant business ecosystem. I am proud to see our work translated into projects that generate economic growth, jobs, and progress to the benefit of Portuguese citizens.” said President Nadia Calviño.

The discussion revolved around the new strategic priorities of the EIB Group and the financing opportunities to advance the green and digital transitions in Portugal, foster cohesion, enhance competitiveness of Portuguese SMEs and support the development of key infrastructures for the country such as affordable housing, education infrastructures or sustainable transport among others.

The EIB investments in Portugal range from supporting SMEs in fields as diverse as technology start-ups, education, hospitality, or healthcare to critical infrastructure projects such as the flood prevention system of Lisbon, the new Hospital Oriental Lisboa, better maritime access for the Porto de Leixões or Loures affordable housing. The EIB has also supported in the country the transition to a more sustainable and secure energy model through wind energy projects such as WindFloat Atlantic, photovoltaic plants or the modernization of the country’s electricity network.

For the Minister of State and Finance, Joaquim Miranda Sarmento, “the European Investment Bank has been a key partner in the development and promotion of investment in our country. The meeting I had with Mrs. Nadia Calvino was precisely to deepen this relationship and strategic partnership, so that we can boost investment in Portugal and speed up the implementation of European funds, in particular PT 2030 and Recovery and Resilience Plan.”

Yesterday President Calviño exchanged views also with Ministry of Economy Pedro Reis on Portugal economic priorities and alignment with the EIB renewed strategic priorities.

“We had a very constructive exchange with President Nadia Calvino. We had the opportunity to present in detail the axes of the sustainable economic growth program of the Portuguese economy for the coming years and to reflect on potential common opportunities with the EIB, namely through the partnership with the BPF, to accelerate the financing and capitalization of investment projects in various sectors, both public and private, with a strong component of innovation, mobility, digital and energy transition.” stated Minister of Economy Pedro Reis.

During her first visit to Portugal as EIB President, Nadia Calviño also held a meeting with the mayor of the city of Lisbon Carlos Moedas. Lisbon municipality is a key partner for the EIB Group and both institutions have a long track record of collaboration in the implementation of projects that are tackling some of the most critical needs of the capital such as the city infrastructure to prevent floods and social housing.

EIB has been over the years a key investment partner for projects that make a material impact on the day-by-day life of people in Lisbon, like the flagship Vasco da Gama bridge.

In Porto, President Calviño also held a meeting with the mayor of the city Rui Moreira and dialogued about how the municipality priorities for urban development and climate strategies align with the EIB priorities.

While in Porto she had the opportunity to visit the Porto de Leixões, seeing first-hand the improvement in the maritime accessibility of the port, a project that received €60 million in finance from the EIB invested last year.

President Calviño’s visit to Portugal will conclude today at 18:00 with a keynote speech delivered at the 70-anniversary ceremony of the Faculdade de Economia at Porto University.

EIB and Portugal

Portugal benefited from €2.1 billion in new financial commitments from the European Investment Bank Group (EIB Group) in 2023, more than 25% increase from the year before. About half of this financing went to small businesses and mid-caps.

Portugal is one of the EIB Group’s top beneficiaries in terms of gross domestic product, with financing last year representing approximately 1% of Portuguese GDP.

The EIB Group financing for small and medium-sized enterprises and mid-caps amounted to over 1 billion, more than double that provided in 2022. More than 19.000 Portuguese companies received support under this financing.

In total, EIB has committed more than EUR 56 billion in financing for projects since the start of operations in the country in 1976.

More information about EIB and Portugal here Portugal and the EIB and a full recap of 2023 activities of the Group in Portugal here EIB Group activity in Portugal in 2023

Background information  

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investment contributing to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Portugal of €2.1 billion in 2023, approximately half of which went to support SMEs and mid caps. Overall, the EIB Group signed €88 billion in new financing in 2023.

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SOURCE: European Investment Bank