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Pierre Gramegna, Minister of Finance and EIB President Hoyer ©gouvernement.lu

On 10 November, Luxembourg Minister of Finance Pierre Gramegna presented EIB President Hoyer with the medal of Grand Officer of the Order of the Oak Crown. This honorary distinction, the highest civil honour that the Grand Duchy awards, recognises the contribution of the EIB to the development of the European economy, the EU response to the pandemic and the support to green, sustainable finance under the leadership of President Hoyer.

President Hoyer commented, "Under this government, Luxembourg has become a global model for how to finance climate protection, the most important issue of our time. Boulevard Joseph II is now the Wall Street of green financing."

“Luxembourg is extremely proud of our long-term cooperation with the Bank, and we will continue to strengthen our support to the Bank’s initiatives.” Pierre Gramegna commented. Gramegna highlighted President Hoyer’s efforts to strengthen the role of the EIB in Europe, his efforts to consolidate the Bank as the EU Climate Bank and his promotion of multilateralism to fight climate change.

Accelerating climate finance together

During the ceremony, the Finance Minister thanked President Hoyer for his commitment to his function and for the excellent relationship between the EIB and the Luxembourgish government. In particular, he underlined the importance of the Luxembourg-EIB Climate Finance Platform, a joint initiative that aims to encourage and support investments in international climate solutions, focusing on fighting climate change and adaptation to its effects.

Among other joint initiatives, the EIB and Luxembourg have joined forces to create the International Climate Finance Accelerator (ICFA), a public-private partnership established in 2018 by ten private entities of the Luxembourgish Financial Sector, and by the ministries of Finance and Environment, Climate and Sustainable Development.

Created in 1841, the Order of the Oak Crown rewards outstanding civil and military services rendered by Luxembourg citizens as well as achievements of distinguished artists. In special cases, it can be awarded to foreign nationals.

Read the press release on Gouvernement.lu (in French)