The European Investment Bank Group (EIB) invests in a wide range of projects that support sustainable economic development. Working in such areas can be very rewarding. 

Vice-President of the European Investment Bank, Gelsomina Vigliotti, spoke with EIB Group's Press Officer, Shirin Wheeler, at COP27 in Egypt about the importance of supporting sustainability projects to improve the daily life of millions of people.

"The meaning of this COP in Egypt and in Africa is very important because we know the south of the world is part of the world which is most affected by climate change, and where the effect and the impact of climate change will be felt more broadly," explained Gelsomina. "Egypt is a case where we are working very well, and together with the presidency, and other multilateral development banks, we help them to level up the nexus between water, food, and energy, something which is very relevant for these countries..." 

At COP27, Gelsomina showcased ways that the EIB Group is supporting Egypt, and the whole region, in the green transition.

"The EIB, as the climate bank of the European Union, and the first bank who abided to the principles of the Paris Agreement, is implementing its objectives and its ambitious targets on climate, also outside of the European Union. Here in Egypt, and in the region, we can do a lot to produce renewable energy to push for electrification, because we know that through electricity, we can avoid using fossil fuels, and also the use of water, that in this region is particularly relevant," explained Gelsomina.

"Whenever I travel here in the region, I used to say that water is life, and it's really true in this part of the world, where the scarcity of water is something which can affect the daily life of people. In this regard, we can do a lot. The EIB is the major financier of water projects worldwide, and here in the region we have financed the most important projects in Jordan, Israel and Egypt, and we are ready to continue to do that because we know we have to look at an efficient use of water. On top of the salinization of water, we also promote an efficient use of water. We can do it through projects in waste water management of water, in providing an efficient use of these resources," said Gelsomina. "We are also very aware that the governments and the public opinion in these countries are even more conscious of how relevant water is and the efficiency of the use of water, and in this regard, we support them."

Supporting innovative sustainability-focused projects

Through her role, Gelsomina oversees a range of areas including  financing of SMEs and mid-caps, equity and equity-type products, EIB-EIF cooperation, counterpart monitoring and restructuring, new products and special transactions, microfinance, and financing operations across a number of countries.

When Gelsomina was appointed at the EIB Group, she commented: "I feel truly honoured to be appointed as Vice-President of the European Investment Bank, the biggest multilateral financial institution in the world, the bank of the European Union and one of the largest providers of climate finance. Due to the magnitude of investments dedicated to fight climate change and promote social cohesion in Europe and beyond, the EIB makes a significant contribution to sustainability and a strong impact on people’s lives. I am excited to be a member of its Management Committee and contribute to this endeavour."

Significant industry experience

Prior to Gelsomina's appointment as EIB Vice-President, she was Director General for International Financial Relations at the Italian Treasury, and was responsible for coordinating activities related to the international economic, monetary and financial system and multilateral development institutions. In this position, she served as Deputy Deputy to the G7 and G20 groups, responsible for preparing and managing the Italian G7 Presidency in 2017 and G20 Presidency in 2021 in the finance track. She also served as the Italian Alternate Governor of the major multilateral development banks, being a member of the European Investment Bank Board of Directors and of the Administrative Council of the Council of Europe Development Bank.

During her career at the Italian Treasury, Gelsomina held several positions covering both domestic and international economic policy. Between 2012 and 2015, Gelsomina was the Director for European Union and euro area issues at the Italian Treasury, also serving as Alternate of the Economic and Financial Committee and Alternate Director of the European Stability Mechanism.

She holds a degree in Political Science from the LUISS University in Rome and an MSc in Economics from the University of York. She has carried out postgraduate studies at the University La Sapienza in Rome and the London School of Economics and Political Science.

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