Nicosia: European Investment Bank (EIB) President Nadia Calvi±o has expressed the EIB’s commitment to supporting strategic energy projects between Cyprus and Greece, including the Great Sea Interconnector (GSI) project. In an interview with the Cyprus News Agency (CNA), Calvi±o emphasized that the EIB is ready to back projects that align with the energy strategies of both countries and are supported by their respective governments. She also addressed the EIB’s engagement with Turkey, noting a “gradual and reversible re-engagement” in line with the European Council’s mandate.
According to Cyprus News Agency, Calvi±o’s remarks come ahead of the EIB Board of Directors’ meeting in Nicosia scheduled for 29-30 September 2025. She underscored the symbolic and strategic importance of hosting the meeting in Cyprus, a nation poised to assume the upcoming Presidency of the European Council.
Calvi±o detailed the EIB’s priorities at a time when climate action, defense, and security are at critical junctures. She announced a tripling of EIB financing for Europe’s defense autonomy and expressed openness to funding initiatives like the “drone wall” discussed by EU defense ministers. Calvi±o highlighted existing agreements to finance drone manufacturing plants, underscoring the EIB’s role in enhancing European security and competitiveness.
The meeting agenda in Cyprus will cover the second phase of the EIB’s climate roadmap, artificial intelligence, and digitalization. Calvi±o also mentioned planned visits to projects financed by the EIB, such as the Limassol Wastewater Treatment Plant, to witness the impact of EIB investments firsthand.
Calvi±o addressed concerns over the Green Deal’s impact on European competitiveness and reiterated the need for a green transition to ensure a sustainable future. She pointed out that the EIB has consistently allocated over 50% of its financing to drive the green transition, focusing on renewables, energy grids, and technological leadership.
The EIB’s role as both the EU’s climate and defense bank was emphasized by Calvi±o, who noted that every euro financed by the EIB contributes to Europe’s security. She highlighted the EIB’s increasing focus on security and defense, with plans to triple financing in this area to 3.5% of total financing.
Calvi±o also outlined the EIB’s involvement in defense structures like the “drone wall” and explained the bank’s active role in key infrastructure, industrial capabilities, research and development, and support for SMEs in the defense supply chain.
Regarding the GSI project, Calvi±o reiterated the EIB’s support for strategic projects backed by Cyprus and Greece. She also touched upon the upcoming Cypriot Presidency, noting its significance in driving negotiations for the post-2027 Multiannual Financial Framework (MFF). The EIB’s role as an implementing partner of the European Commission, both within and outside the EU, was highlighted as crucial in the current geopolitical context.
Finally, Calvi±o addressed the EIB’s operations in Turkey, stating that the bank is following the EU Council’s mandate for a phased re-engagement with Turkey.