Nadia Calviño at EUI's 2024 State of the Union

Hello to all of you - dear Jos, panellists, I am very happy to join you for this important event and on a subject that as you know is at the heart of the European Investment Bank Group's mission.

Only a few weeks ago, I was in Washington DC where the message from the IMF and World Bank Spring Meetings, was "The economy is performing better than expected. The geopolitics is worse than expected." Conflict, tensions and fragmentation will be very much part of the new landscape for the foreseeable future.

For the European Union, this means that we need to focus on strengthening ties with our partners and neighbours, particularly in North Africa and the Middle East. And the EIB can play an important role through projects and investments that help the economy and thereby contribute to also improving the geopolitical situation:

We need to direct our support more strategically, for more impact, to support growth, jobs and prosperity in our Mediterranean neighbours, and accompany them in the transition towards a more sustainable, climate-resilient future for all.

Our commitment to climate action in this region is not only altruistic, to improve the lives to citizens now and the future opportunities of younger generations; it is strategic.

Climate action is a key driver of stability, resilience, and energy security of the region. By jointly investing in sustainable solutions in key sectors such as water, energy, and transport, we not only mitigate the impacts of climate change but also contribute to a more stable and prosperous future for citizens on both shores of the Mediterranean.

The European Investment Bank Group, through its global initiatives, is at the forefront of EU efforts to catalyse investments that align with these strategic objectives. We are backing partnerships and projects that reflect Europe's commitment to mutually beneficial sustainable development and climate resilience in the region.

To name just a few:

In order to recap the opportunities both in the EU and for our Mediterranean partners and accelerate the transition towards a low-carbon economy, we need to leverage the power of strategic partnerships and industrial cooperation.

New cooperation opportunities, including the development of hydrogen production and transport infrastructure, the expansion of renewable energy production, and modernising of electricity transmission networks…these all offer important avenues for collaboration and mutual benefit.

There are opportunities in the digital arena too, and at the EIB we are very proud to have joined our partners at the European Commission as financiers of the MEDUSA fibre optic cable which will bring high-speed connectivity to five EU Mediterranean countries as well as Algeria, Egypt, Morocco and Tunisia.

The project is a gamechanger - a tangible expression of Europe's Global Gateway strategy. The MEDUSA underwater cable is also providing direct terrestrial links to universities and education and research centres in North Africa countries. This will support ties with EU peer organisations, deepening scientific knowledge exchange, and boosting innovation, research and job creation in the region.

Partnership is the key word here. Through dialogue and by building trust, we aim to pursue common interests and create a shared vision for a prosperous and resilient future that we can invest in. The EU-Egypt Strategic and Comprehensive Partnership announced in March and the Green Partnership on energy, climate and the environment that the EU and Morocco signed in 2022, also demonstrate what we have in mind. These initiatives, which are led by the local governments and the EIB Group helps implement, show the European Green Deal's international dimension in action.

Europe shares more than just the sea with its Mediterranean neighbours. We share many common interests. Through strategic investments, collaborative partnerships, and a commitment to sustainability, we can work towards a better future together.

Thank you. I wish you very fruitful discussions.

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