Calviño announces an "imminent" agreement for electrical interconnection with France.

BarcelonaThe president of the European Investment Bank (EIB), Nadia Calviño, has announced an imminent agreement, expected to be finalized in the coming weeks, to boost electrical interconnection between Spain and France, according to the EFE news agency. During her speech at a breakfast organized this Monday by the Ateneo de Madrid, Calviño highlighted the EIB's influence in financing energy infrastructure in Europe, where more than 40% of ongoing projects are financed by the bank.

Furthermore, Calviño highlighted the EIB's commitment to defense investment and noted that since January 2024, the scope of action has been expanded to five areas: major infrastructure, R&D programs, innovative projects—such as drone manufacturing—and trial and testing investment. Specifically, she announced that the EIB will soon sign the first two agreements with major European banks to finance SMEs active in the defense sector.

Nadia Calviño has stated that the €250 billion that the bank she chairs will lend until 2027 to the sectors of artificial intelligence (AI), military infrastructure, critical raw materials, and the green transition will allow for the financing of 1,000 large companies than there are now. "This is Europe's moment, and we will do everything possible to take advantage of it," she asserted, recalling that the EIB has gone from having a "testimonial" presence in defense matters to becoming involved in military installations and R&D programs and supporting investment funds.

The EIB's €600 billion balance sheet and AAA credit rating would place the organization in a "unique" position to contribute to the transformation of the continent in the face of the formation of a "new world order." However, the former Minister of Economy has resolved that the shift toward defense will be carried out without renouncing its continued role as the "climate bank." Calviño maintained that Europe "cannot continue to depend on other jurisdictions" on issues such as energy or chips and must operate from a European perspective, including security. Similarly, she advocated rationalizing military spending and pooling defense issues, as the European Union has already done with agriculture or coal and steel.

Bank mergers

The EIB president also believes that "it would be important for there to be cross-border bank mergers within the European Union (EU)" to create entities geared toward a future single capital market. "This is one of the priorities on the European agenda," said Calviño. The EIB president has avoided commenting on BBVA's hostile takeover bid for Sabadell, after the Ministry of Economy referred the operation to the Council of Ministers for consideration, citing the public interest.

Calviño has brought the issue to the European level, where she believes a push is needed to move toward a single capital market, a task for which she has offered the EIB's contribution.