Ms Magdalena Álvarez has been appointed Vice-President of the European Investment Bank (EIB) by the Bank’s Board of Governors. She will take up her duties on July 16th, 2010. She replaces Dr Carlos da Silva Costa, who was recently appointed Governor of the Bank of Portugal. In the EIB’s Management Committee, Ms Álvarez will be responsible for financing operations in Spain, Portugal and the countries covered by the Asia and Latin America mandate.

Ms Álvarez has given up her current position as Member of the European Parliament so that she can join the EIB. Her previous posts include Minister for Public Works of the Government of Spain (2004-2009) and Minister for Economic Affairs and Finance of the Regional Government of Andalusia (1994-2004).

Ms Álvarez, who is Spanish, has a Doctorate Cum Laude in Economic and Business Sciences and is an Inspector of State Finances. Her professional career has been centred on issues relating to tax and regional development policy. She has held positions as Chief Inspector of Málaga’s Finance Office (1987-1989), Director General for Regional Economic Incentives in the Ministry for Economic Affairs and Finance (1989-1993) and Director of the Financial and Tax Inspection Department of the State Tax Administration Agency (1993-1994). Her academic career includes posts as Lecturer in Economics at the National University of Distance Learning (1976-1979) and at the Law Faculty of the University of Málaga (1981-1989).

General information:

The Management Committee is the EIB’s permanent collegiate executive body. It is composed of a President and eight Vice-Presidents. Under the authority of the current President Philippe Maystadt, it oversees the running of the EIB, preparing decisions for the Board of Directors and ensuring that they are implemented, especially as concerns borrowing and lending operations. Spain and Portugal share a revolving six-year term of office in the Management Committee. The Bank’s Management Committee has its headquarters in Luxembourg.