Thomas Östros appointed as new Vice-President of the EIB
16 January 2020
Thomas Östros joins as Vice-President on the EIB’s Management Committee
Thomas Östros has been appointed Vice-President and Member of the Management Committee of the European Investment Bank (EIB). He will take up his duties on 27 January, succeeding Alexander Stubb, whose mandate on behalf of Finland ends on that day.
The EIB’s Board of Governors appointed Mr Östros, a Swedish national, on a proposal from the Finance Minister of the Kingdom of Sweden and with the agreement of the shareholder constituency formed also by Austria, Estonia, Finland, Latvia and Lithuania.
Upon joining the EIB, Thomas Östros remarked: “I’m thrilled to join the European Investment Bank, an institution that has a very direct impact on the lives of European citizens, at this particular time. The EIB will play a major role in making the upcoming New Green Deal of the European Commission a success, and I’m proud to play a part in that process.”
Prior to becoming EIB Vice-President, Mr Östros worked at the International Monetary Fund since 2015, serving as Executive Director of the Nordic-Baltic Constituency as of 2016. Previously, he had been Minister for Fiscal Affairs and Deputy Minister of Finance, Minister for Education and Science as well as Minister for Industry and Trade, serving in government from 1996 through to 2006. Born in the northern town of Malmberget, Mr Östros studied at the University of Uppsala, obtaining a Licentiate Degree in Economics in 1994, while also publishing a number of working papers on wage structures and labour market programmes in Sweden. After going into politics, Mr Östros was a Member of the Swedish Riksdagen from 1994-1996 and 2006-2012 for the Uppsala county constituency. Thereafter he was the Managing Director of the Swedish Banker’s Association.
The Management Committee is the EIB’s permanent collegiate executive body, consisting of a President and eight Vice-Presidents. The members of the Management 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.
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Covestro has agreed a loan with the EIB for EUR 225 million. The loan will provide medium term funding to strengthen Covestro’s research and development (R&D) work in the areas of sustainability and circular economy within the European Union.
With €5.4 billion of overall financing 2019 was a strong year for the EIB Group in Poland. The Group’s activity was 13 % higher than in the previous year and in line with the trend of the past five years. Loans granted to public and private counterparts by the EIB amounted to €4.3 billion, while the European Investment Fund (EIF) provided €1.1 billion in guarantees and equity investments to small and medium-sized businesses and mid-caps.