European Investment Bank (EIB) President Nadia Calviño has emphasised the EIB’s willingness to support "strategic projects supported by both countries, where the two governments are committed to develop" and which are "compatible and inscribed in the energy strategy of both countries" when asked about the electricity interconnection of Greece and Cyprus through the Great Sea Interconnector (GSI) project.
In an interview with CNA, she also referred to a "gradual and reversible re-engagement" with Turkey, in accordance with the European Council’s mandate.
Ahead of the European Investment Bank (EIB) Board of Directors' meeting in Nicosia on 29-30 September 2025, Calviño spoke to the Cyprus News Agency, highlighting the symbolic and strategic significance of Cyprus as the choice of meeting location.
EIB priorities
At critical crossroads between climate action and defense and security, President Calviño outlined the EIB’s priorities, stating that it is rather a matter of competitiveness, lower energy prices, more security, and strategic autonomy. She announced the tripling of EIB financing for Europe’s defense autonomy and left open the possibility of funding the "drone wall" discussed on Friday by 10 EU defense ministers, noting that the EIB has already signed agreements to finance drone manufacturing plants.
In detail, as regards the BoD meeting in Cyprus, Calviño noted that as Cyprus assumes the upcoming Presidency of the European Council, "we thought that this was the right moment to organise our meeting of the Board outside the headquarters. We do an annual meeting outside our headquarters, last year we did in Poland, which was the upcoming Presidency, and we thought we do the same. This is the upcoming Presidency and of course, Cyprus is a wonderful place to visit at any point in the year."
Calviño spoke to CNA about the meeting's agenda, noting that "we will be discussing with our Board the second phase of the climate roadmap. We will also be discussing artificial intelligence, digitalisation of our organisation. We will have Minister [of Finance] Keravnos and President Christodoulides joining us and we will visit a project financed by the EIB, the Limassol Wastewater Treatment Plant. I was there in Cyprus last year, and I had the opportunity to visit other projects, for example in the University of Cyprus. So it is always very nice to see the impact of our work on the ground, visiting flagship projects like this one, that improve the daily lives of people in Cyprus."
Green Deal agenda
As regards the strong pushback against the Green Deal agenda across Europe, with several leaders saying that this agenda can harm European competitiveness, 10 years since the Paris Climate Agreement and ahead of a difficult EU Summit at the end of October about the 2040 emissions targets, the head of EIB sends her own message ahead of COP30: "There is unanimity in the 27 member states and it's a no-brainer for Europe, really, that we need to double down on the green transition. It's not only a matter of having a sustainable future. It is very much a matter of having more competitiveness, lower energy prices, more security and strategic autonomy now. And that's why at the EIB we have as our priority number one to consolidate our role as the climate bank. We will be discussing with our board the climate bank roadmap, the second phase, 2026 - 2030."
Assessing the first phase as very successful, Calviño explained that the EIB has invested more than 50% of its financing every year to drive forward the green transition and make it a factor of competitiveness and economic success, be it through the development of renewables, energy grids, also technological leadership in Europe, decarbonisation of heavy industry, support to energy efficiency of small and medium-sized companies (SMEs) or buildings.
"That has been a great success and in the second phase that we're starting now, we want to focus our investments in those areas which contribute more to Europe's security and competitiveness. We want to simplify all our processes, no gold plating and full reliance in existing reports, so that we reduce red tape and burdens for companies. We also want to step up our financing for adaptation to climate change to reach €30 billion. We think this is the right way forward to make climate and competitiveness a winning tandem for Europe," Calviño adds.
Defence and security
With the EU Informal Summit in Copenhagen in parallel of the EIB's visit to Cyprus, and the member states and EU citizens now regarding defence and security as their top priority, Calviño was positive that can EIB be both the EU's climate bank and defence bank. "Yes, I would argue that every euro that the EIB finances is actually contributing to Europe's security, because when we talk about energy, we're talking about energy security. When we're talking about adaptation to climate change, it also means security for citizens in Europe. But it is clear that we need to step up Europe's capabilities in the area of security and defence" she said. Last year, she went on, we doubled our financing in this area, this year, we will more than triple it, so that we reach 3.5% of our total financing and we intend to continue on the same track. "We have more than 30 flagship projects in our pipeline, and I am confident that the meeting of the European Council will actually mean progress and be a breakthrough in terms of the building of Europe's security and defence capabilities" she noted.
As for Friday's initial discussion of defence ministers on a "drone wall", asked whether the EIB could finance such defence structures, Calviño explained that the Bank is already active in five areas. "First of all, key infrastructures like military mobility corridors, enlargement of ports, military campuses. Secondly, developing industrial capabilities. For example, we have already deals to finance drone manufacturing factories. Thirdly, to support research and development (R&D), in areas such as space, or all areas that have to do with security and defence capabilities. Fourth area is support to SMEs, in the supply chain of large European contractors. And finally, we also want to support and nurture the ecosystem of European investment funds, private investment funds, specialising in defence."
This ecosystem, she went on, is clearly expanding very fast. "So, this week in our European Investment Fund meeting, we have approved investments in two funds and have already invested in enough funds specialising in security and defence already. So, we see that activity is picking up in Europe, and I am confident that Europe will be able to become independent, autonomous, and therefore strong and stand on its own two feet when it comes to security and defence. Because this is also very important for us to fully benefit from our powers and our current leadership in the area of trade, economy, technology" she added.
The Great Sea Interconnector
As for the GSI, a project that brings together climate policies and security for Cyprus and Greece, the EIB Head said "I think that we have been very clear from the beginning that we would support strategic projects that are supported by the two countries, and where the two governments are committed to develop those projects, projects that are compatible and engraved in the energy strategy of the two countries."
On the Cypriot Presidency that will commence in January, the EIB, as the basic implementary power of the Multiannual Financial Framework (MFF), Calviño noted that "the Cypriot Presidency is going to be indeed very important to drive forward the negotiation of the post-2027 MFF. The EIB has a special partnership as an implementing partner of the European Commission, both inside the EU with real success stories for leveraging European guarantees in productive investments, and also outside the EU. And also the unique nature of the EIB is probably clearer than ever. Because in the current geopolitical context, we are the only financial institution that has the 27 members as shareholders, and that is fully aligned to Europe's interests and priorities. So, I am confident that member states will reinforce this strategic partnership and continue to give a very large share of the guarantees for implementation and leverage by the EIB. We have shown that we are the best institution to drive Europe's policies and priorities both inside and outside the EU. And I am confident that this will also be the case in the future."
Asked by CNA about the EIB's resumed operations in Turkey, Calviño explained that "we are following the mandate that comes from the member states and from the [EU] Council, that has clearly asked the EIB to explore a progressive phase and reversible re-engagement with Turkey.That is exactly what we are doing."
(Source: CNA)
