Opening speech by Nadia Calviño, president of the European Investment Bank Group, at the “Four decades of shared prosperity: The EIB Group in Spain” event in Madrid, Spain.
Good morning. I must say that it is a great pleasure to be here in the magnificent Hall of Columns of the Círculo de Bellas Artes, surrounded by so many clients and friends who are joining us for this truly unique celebration.
As Mònica said, many thanks for organising this event and for supporting and guiding us throughout the day. This is a place steeped in history – one that evokes many memories and that has borne witness to Spain’s evolution over the last century. It is therefore difficult to imagine a more fitting setting for today’s event. We are joined by many distinguished colleagues, including the Head of the European Commission Representation in Spain, who is going to speak shortly, the president of Spain’s Official Credit Institute, ICO, the chair of Spain’s National Securities Market Commission, CNMV, former European Investment Bank vice-presidents, company chairs and CEOs, and representatives of business associations. I could spend the entire morning greeting you all individually. Thank you so much for joining us.
First of all, please allow me to welcome and thank my colleagues from the EIB for being here. Some of them have come all the way from Luxembourg, including several of the Group’s Spanish directors general. We also have many team members here in Madrid. I’d like to start by asking for a round of applause for them, because I only ever hear positive things about them. As the president of an institution and, previously, as a minister and vice-president of the Spanish government, I have learned that people usually only come to see you when challenges arise. It is therefore particularly gratifying when our clients speak so highly of my team, highlighting the strong partnership they have built with the EIB and how important our work is to Spain. So, please show your appreciation by giving them a round of applause.
Today, we are celebrating. When Spain joined what is now the European Union, the EIB was already present and had already begun to finance projects. The very first was a loan facility for small and medium businesses, which are the backbone of the Spanish economy. To this day, this remains one of the Group’s most important lines of business in Spain. Since then, many things have happened that we would like to reflect on today. Above all, we would like to celebrate the profound transformation our country has undergone thanks to the European Union. Over the past four decades, Spain has consolidated its democracy and has become the country we know today: one of the driving forces of our European Union. We often take this for granted, but it is important that we never lose sight of it. To be Spanish is to be European. And we owe that to those who made it possible.
The European project is being built day in, day out through the efforts of successive generations. We all have a role to play in building it. We all share a responsibility to preserve and nurture it each and every day. Spain’s journey within the European Union is a remarkable success story. This is a collective achievement. Please allow me to share three brief reflections on that with all of you.
First, I am struck by the fact that, two and a half years after I became president of the EIB, the Bank is always present wherever it is needed. It has extraordinary flexibility to respond to changing requirements, and it remains a key partner in Spain’s development. The European flag is planted in virtually every major project that is having a positive impact and, usually, the EIB Group is also involved. Over this period, the European Investment Bank has injected an amount equivalent to 15% of Spain’s GDP in 2025 into the Spanish economy. That translates into projects and produces tangible results. Every day, from the moment the alarm clock goes off, we come across EIB projects that improve people’s quality of life across Spain. Better infrastructure – such as high-speed railway, metros, tramways, ports and airports – is reaching every corner of the country. EIB financing has brought renewable energy to 30 million people. As many of the company representatives here today will attest, our financing is also pivotal to industrial decarbonisation, the development of new technologies and the promotion of innovation. The EIB has contributed to the reforestation of an area of Spain equivalent to the combined size of Asturias and Cantabria. In the last five years, our investments have reduced flood risk for almost 3 million people and financed the construction or modernisation of 45 000 kilometres of electricity networks in Spain – enough to span the Earth’s entire circumference – as the representatives of Red Eléctrica, who are with us today, will confirm. We are also working with ICO to promote more affordable housing. Thanks to the support of the European Investment Bank, four out of every ten Spanish citizens now have access to improved healthcare services, through flagship hospital projects across mainland Spain. I refer to the “mainland” because, at the moment, I cannot think of a flagship hospital project in the Balearic or Canary Islands. The one that springs to mind immediately is the hospital in A Coruña, where I was born, because I have been focused on that this year. The Group has also been an unwavering partner for Spain, as it has demonstrated during times of crisis, showing the flexibility I mentioned earlier in responding to changing requirements. Whether it was the Prestige disaster, the more recent catastrophic floods, the reconstruction following the Lorca earthquake or the global financial crisis, the Group was there to respond and to help preserve the country’s economic stability. The result of this strategic partnership is a more modern and dynamic Spain that is helping to build a stronger, more cohesive, innovative and modern Europe.
The second idea I would like to share – one that I already touched on in my introduction – is that progress is a shared endeavour. The European Investment Bank Group serves as a catalyst for public and private investment, not only through the funding we provide, but also because financing from the Bank or the Fund is recognised as a mark of quality. That is why we are going to continue to develop relationships with our numerous partners, many of whom are represented here today, including public institutions, private companies and financial institutions. These are mutually beneficial partnerships. As you know, we broke records last year when it came to EIB Group financing in Spain and we are also making good progress in 2026. Wherever the EIB is involved, we do not simply add value – we multiply it several times over by mobilising private investment, thereby amplifying our impact. This comes at a crucial moment for Europe, when we must strengthen our economic security. That requires energy autonomy, technological leadership, security and defence capabilities, resilient infrastructure and strong alliances. Spain is playing an active role in all these areas, drawing on an immense pool of talent spread across the entire country.
Please allow me to give you a few recent examples. I have just been speaking with one of the leaders of a company that the EIB Group is financing in Elche called PLD Space. The aim is to build the Miura 5 rocket, which will help to strengthen Europe’s autonomy and sovereignty in space. I do not need to explain to this audience the importance of aerospace capabilities from the standpoint of Europe’s security. In Barcelona, we are supporting cutting-edge immunology research through our backing of the newly opened CaixaResearch Institute. Gonzalo, I know you’re very familiar with this project as we were talking about it just a moment ago. In Valladolid, for example, we are supporting Amadix, a company that is enabling early cancer detection through blood testing. Today, I would like to announce two new initiatives that demonstrate the broad range of financing options made possible thanks to the EIB Group. In A Coruña, we will be working with Resonac, a Japanese company that is a pioneer in the manufacturing of graphite electrodes for batteries. One of its only two plants in Europe is located in Galicia, and support for the company was recently approved. Today, we are also going to sign an agreement with Banco Sabadell to mobilise €1 billion of investment, including for projects related to security and defence for Spanish small and medium businesses and mid-caps. That agreement follows the one we have already signed with Banco Santander, which is also represented here today.
Third and finally, I’d like to offer some thoughts of a more geopolitical nature. Strengthening Europe now represents a great opportunity for us. In fact, it represents a tremendous opportunity within the new world order that is taking shape. That has to fill us with confidence for the future because, at a time when some are building walls and closing their markets, Europe is building bridges and opening its doors to those who share our values and our vision of the world. The European project is about peace, cooperation, mutual trust and respect. We believe in cooperation and mutual respect, and that provides a huge amount of confidence and stability in uncertain times. The EIB clearly contributes to all of those values. Thanks to the Group’s financial strength, and thanks to having the 27 Member States as shareholders, just two weeks ago in Luxembourg, at the annual general meeting of the Board of Governors attended by the ministers of economy and finance of all 27 Member States, our shareholders once again reaffirmed their support for our strategic roadmap and called on us to make full use of the Group’s financial capabilities in order to achieve the speed and scale that Europe needs.
As I have just said in an interview with the Spanish national broadcaster, RTVE, Europe is a superpower: an industrial, commercial and technological power with first-class universities and research centres and impressive, world-leading companies in important sectors such as health and aerospace. Startups are also represented here today. They are dynamic and ambitious and have the potential to become global leaders, backed by investors and an investment ecosystem that is also growing and becoming more powerful. Europe is a leader in many of the key technologies for the future, so we have the scale, the talent and the institutions to keep leading on the global stage and to be a powerful voice in creating a new international order. Spain’s role is fundamental to that leadership. There is every reason to be confident if Europeans remain united and stay the course. Now is the time to rise to the occasion and give our very best. I’m sure that Daniel Calleja, who is about to speak, is going to send that same message of confidence and unity because the decisions we take at this crucial moment are going to define the role of Europe and the future of the world.
As Mònica mentioned, four decades ago, many of us in this room – and I see plenty of people from my generation here – felt excitement and hope. I am not sure whether that was because of the football World Cup or because Spain was joining Europe. I was at university and I felt great enthusiasm about what that moment represented. I’ve been a committed pro-European ever since – not out of idealism or blind faith but because I see the evidence for it every day. When I consider how powerful our continent is, and when I see from the vantage point of the European Investment Bank what we can achieve, I am convinced that we are not simply stronger together. Together, we are unstoppable. I am sure that today’s event is going to inspire us to keep looking to the future with the same sense of hope and confidence that we had when Spain became part of Europe 40 years ago. On that note, I wish you all a very productive day. As you’ve seen, we have an absolutely packed programme. We will be keeping a close eye on timings and outcomes so that we can have a truly productive exchange of ideas and, above all, leave here feeling reinvigorated and filled with positive energy, which is exactly what the world needs right now.
Thank you very much.