“Nadia Calviño, Spain’s deputy PM, wins race to helm European Investment Bank…”

The finance minister’s victory over Denmark’s Margrethe Vestager comes after months of wrangling

Spain’s finance minister Nadia Calviño has been named next president of the European Investment Bank (EIB), resolving a fractious and long-running dispute among EU finance ministers.

Vincent van Peteghem, the Belgian minister who chairs the public lender’s Board of Governors, told reporters that finance ministers had formed a “consensus” over her candidacy.

Calviño will be “a strong next president of the EIB, the biggest investment bank in the world,” van Peteghem said. “I wish her all the best.”

Calviño herself told reporters she was “grateful and honoured” to have her colleagues’ backing. “This support reflects the respect, appreciation and leadership that we have gained through the hard intense work of the last year.”

Calviño, previously an official at the European Commission, pipped Denmark’s Margrethe Vestager in the race to head up the EU’s lending arm.

The position is set to become vacant when Germany’s Werner Hoyer steps down at the end of December, and van Peteghem had already suggested Calviño as the lead candidate in a letter to counterparts sent last week.

The position had been hotly contested – but Spain held a trump card. Under the Council of the EU’s presidency, which rotates among member states, Calviño has since July chaired meetings of finance ministers – likely giving her extra leverage to win support.

Vestager has since 2014 been the EU’s top antitrust enforcer, taking on major tech companies such as Apple, Google and Facebook – but temporarily stood down in September to campaign for the EIB role.

In a post on X, Vestager confirmed she was now withdrawing her candidacy and would resume Commission duties. 

An EU institution funded and governed by the bloc’s 27 national finance ministries, the EIB has more lately rebranded as the bloc’s climate bank – in 2019 promising to support €1 trillion in sustainable investment and end fossil fuel finance – while also funding billions of euros of reconstruction in war-torn Ukraine.

Calviño previously headed up the EU’s budget department, and was in 2019 was a candidate to head up the International Monetary Fund, ultimately losing to Bulgaria’s Kristalina Georgieva.

 

Malta:

PM spoke about economy, migration and diplomacy in meeting with German Chancellor

 

Malta and Germany share mutual interests that have the potential to enhance the already strong and robust cooperation seen in recent years, Prime Minister Robert Abela said following a meeting with German Chancellor Olaf Scholz in Berlin.

He said that notably Germany stands as Malta’s primary trading partner, “with a substantial rise in both exports and imports over the past decade.”

He said that Malta and Germany have common economic interests that lead to the two countries increasing cooperation in a number of economic sectors. Here he mentioned innovation and technological advancements in manufacturing, as well as opportunities in pharmaceuticals, financial services, and aviation. The goal is to demonstrate strong support for investments that are environmentally friendly and contribute to the creation of more career opportunities, Abela said.

Connectivity emerged as a significant focus during the talks, he said, with Malta underscoring the continuation of strong connectivity, with a strong national airline commencing in March. Discussions in Berlin also addressed migration concerns, with Malta placing emphasis on preventing arrivals and combating human trafficking. Abela further stressed the importance of not only disrupting the illicit activities of human traffickers but also collectively ensuring that traffickers are held accountable before the law.

In discussions with the German Chancellor, Prime Minister Robert Abela spoke about strengthening dialogue and support for other Mediterranean countries such as Libya and Tunisia. The two leaders also discussed climate security and Malta’s role in the United Nations Security Council. It was stated that faced with global challenges, Malta will continue to advocate strongly for peace.

The two leaders also spoke about the energy sector and environmental sustainability. Other subjects tackled were the importance of research and innovation and strategic cooperation in different regions, such as what Malta is doing to make the Mediterranean a clean energy hub.

 

Malta Company Announcements:

Malta International Airport p.l.c

Malta International Airport registered 528,923 passenger movements in November, marking an increase of 7.2 per cent over 2019 traffic figures. November traffic peaked four days into the month on the weekend of the school mid-term holidays, with more than 25,000 passengers travelling through the airport that day.

Strong demand resulted in a seat load factor (SLF) of almost 85 per cent, which was 6.8 per cent higher than 2019 levels. Italy, the United Kingdom and Germany retained their positions on the airport’s market leader board.

On the other hand, France yielded its place to Poland as the latter market made a comeback among the top five drivers of passenger traffic after a seven-month absence.

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