The European Investment Bank (EIB) appointed for the first time ever a Vice President from Cyprus in its Management Committee. According to a press release, economist Kyriakos Kakouris succeeds Lilyana Pavlova, who served as EIB Vice President since 2019, following a decision by the Bank’s shareholders, the EU Member States.

The Management Committee is the EIB’s permanent collegiate executive body. It has nine members – the President and eight Vice Presidents. Under the authority of the President and the supervision of the Board of Directors, it oversees the day-to-day running of the EIB, prepares decisions for Directors and ensures that these are implemented. Its members are appointed by the Board of Governors, consisting of EU finance ministers, on a proposal from the Board of Directors.

In his statement, Kakouris noted that he has been nominated by Cyprus to serve on the EIB’s Board of Directors ever since Cyprus joined the EU. “It is an honour to become Vice President of an institution that supports such a variety of sectors always to the benefit of people in Europe and beyond”, he said.

EIB President Werner Hoyer said that Kakouris was the EIB’s longest-serving director, "and he will be a steady pair of hands at our Management Committee".

On her part, Pavlova noted that she had the privilege of being part of the EIB Group family for the past four years and added that "in times of uncertainty, we navigated through challenges posed by the Covid-19 pandemic and the Russian invasion in Ukraine, making a lasting impact on the lives of citizens across the European Union and beyond". She also wished best of luck to her successor, Kyriacos Kakouris, "who knows the Bank very well", she said.