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Vice President Magdalena Alvarez steps down from EIB

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12837955625_97cec0152f_zEuropean Investment Bank (EIB) Vice President Magdalena Álvarez Arza (pictured) has decided to tender her resignation from the EIB Management Committee.

EIB President Werner Hoyer said: “We take note of this decision with deep respect. I want to express my gratitude to Vice President Álvarez for upholding the Bank’s interests above her own. I also want to thank the vice president for her achievements over the past four years, especially in supporting Spain and Portugal in critical times with new financial instruments, but also in raising the Bank’s visibility in Latin America and Asia. I sincerely hope that the ongoing investigation proceedings will lead to a positive outcome for her.”

Magdalena Álvarez Arza was appointed vice president of the EIB in June 2010 as one of nine members of the Bank’s Management Committee. Her activities were of high importance in Spain, which has been the biggest recipient of EIB loans every year of her mandate. She has particularly been active in increasing the EIB share of lending to SMEs, thus contributing to growth and jobs in difficult economic circumstances.

Also in Portugal, as a response to the financial crisis, Vice-President Alvarez has acted in a proactive and effective manner, ensuring continuous involvement of the EU Bank in financing projects. It was with her as Vice-President that the EIB provided  €1.5 billion for co-financing projects with EU funds. Another important step was the signature of the Portfolio State guarantee that allowed providing financial support to the Portuguese economy, notably to small and medium-sized enterprises.

The appointment of her successor is expected in the near future. In order to ensure continuity, President Hoyer will take over Magdalena Álvarez Arza’s responsibilities in the meantime.

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