Former Finnish prime minister joins EIB

stubb alexander

Alexander Stubb has been appointed vice-president and member of the management committee of the European Investment Bank (EIB).

Stubb, who succeeds Jan Vapaavuori, will have the oversight of EIB operations in Denmark, Estonia, Finland, Latvia, Lithuania and Sweden and in several countries outside the European Union.

Prior to becoming EIB vice-president, he served as prime minister, finance minister, foreign minister, trade and Europe minister of Finland.
His background is in academia and civil service, with a focus on EU affairs.

He was a member of the European Parliament from 2004-2008, Finnish government minister from 2008-16, a member of the Finnish parliament from 2011-2017 and the chairman of the National Coalition Party from 2014-2016.

Stubb said: “I am thrilled to be joining the EIB and look forward to putting my experience at the service of its continuing success.

“It fosters investment in viable projects, helps make Europe more competitive worldwide and puts money and people to work. It has been called to tackle the historic difficulties that face Europe as a whole, and it has demonstrated that it could deliver and rise to the challenge. I am proud to being given the opportunity to work for the EU bank.”

The EIB is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the EU member states.

The management committee is the EIB’s permanent collegiate executive body, consisting of a president and eight vice-presidents.

The members of the committee are appointed by the board of governors – the economy and finance ministers of the 28 EU Member States.

Under the authority of Werner Hoyer, president of the EIB, the management committee collectively oversees the day-to-day running of the EIB as well as preparing and ensuring the implementation of the board of directors’ decisions, notably regarding borrowing and lending operations.

Last month, Hoyer was appointed for another six-year term leading the EIB starting in 2018. He started his tenure in 2012, during which time the Luxembourg-based bank’s annual financing has increased from €55bn to €84bn.