The biggest change is the modernisation of the Spanish economy... And that's the beauty of it.
Invested by Europe explores the forces shaping the European economy. In each episode, we hear from experts tackling the most pressing challenges—from housing and energy to innovation and infrastructure, security and defence. We look at what's changing, what the solutions are, and how Europe is investing in its future.
What this episode is about
Spain today is a modern, confident member of the European Union — a leader in renewable energy and a hub for innovation where technology companies are curing diseases and blasting off into space. But rewind forty years to 1986, when Spain first joined the EU, and the country was still emerging from decades of political and economic isolation.
In this episode of Invested by Europe, experts from the European Investment Bank and Spanish industry leaders explain:
- how joining the European Union helped trigger a profound economic transformation and locked in democratic norms
- the impact of €280 billion in EIB Group financing on Spain's transport, energy, and public services
- how European venture capital and investment in startups are sustaining millions of jobs
- how backing Spanish innovators in life sciences and space technology is securing Europe's strategic autonomy
The conversation in brief
When Spain officially joined the European Union on 1 January, 1986, the transition required significant reform and competition. But the long-term benefits were historic. Since 1981, the European Investment Bank Group has become one of the country's most consistent partners, providing over €280 billion in financing and mobilising €834 billion of total investment.
This investment has reshaped the daily lives of Spaniards. European Investment Bank Group financing has backed almost every single line of Spain's world-famous high-speed rail network, as well as metro systems, roads, ports, and airports. It has also driven Spain's transition to clean energy, modernised water infrastructure to bring safe drinking water to nearly eight million people, and funded essential public services like hospitals, schools, and social housing.
Infrastructure isn't just about what happens inside Spain—it’s also about connecting the country to the rest of Europe. Projects like the Bay of Biscay electrical interconnector, linking Spain and France, allow Spain to export surplus renewable energy and import power when needed. That strengthens energy security and cuts costs.
Meanwhile, backing from the European Investment Fund sustains 2.4 million jobs and channels billions into small and medium-sized enterprises, mid-caps, and startups, including support for European tech scale-ups and unicorns.
Spain is now a hub for cutting-edge industries. By providing capital to companies like crop protection startup GreenLight Biosciences in Seville and reusable space rocket pioneer PLD Space in Elche, European investment is ensuring that Europe maintains its own capabilities in the critical technologies of the 21st century.
Key takeaways
- Since 1981, the EIB Group has provided over €280 billion in financing to Spain, mobilising €834 billion of total investment.
- Spain's integrated economy has recovered strongly from the 2008 financial crisis and the COVID-19 pandemic.
- EIB and EIF investment drives Spain's future in deep tech, life sciences, and space, helping to ensure European strategic autonomy in critical sectors.
About the guests
This episode features insights from EIB Group President Nadia Calviño, alongside experts from the European Investment Bank Group including Enrique Feás (senior economist specialising in trade and economic integration), Maria Serrano (head of public sector lending for Iberia), Joan Morera (investment officer for life sciences) and David Gonzalez (EIF representative in Madrid). The episode also includes perspectives from Spanish industry leaders: Raul Verdu (founder of PLD Space) and Miguel de la Torre (head of systems development at Red Electrica).
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