1 00:00:02,400 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:06,960 --> 00:00:09,840 Speaker 2: Malex Cie Alongsid Damien Sas Hour. This is Bloomberg Intelligence 3 00:00:09,920 --> 00:00:12,479 Speaker 2: Radio and you're broadcasting to live from the Earth Shot 4 00:00:12,520 --> 00:00:15,480 Speaker 2: Summit right here at the Plaza Hotel in Midtown Manhattan. 5 00:00:15,480 --> 00:00:19,360 Speaker 2: The summit celebrates innovators who are trailblazing solutions to repair 6 00:00:19,440 --> 00:00:23,079 Speaker 2: our planet, and that event is co hosted by Bloomberg Philanthropies. 7 00:00:23,120 --> 00:00:24,840 Speaker 1: We have a great guest I lined up for. 8 00:00:24,760 --> 00:00:26,759 Speaker 2: You, sort of connecting the dots between how we go 9 00:00:26,880 --> 00:00:29,320 Speaker 2: green and carbon neutral and how we also pay for it. 10 00:00:29,720 --> 00:00:32,480 Speaker 2: Joining us now is Nadia Calvino, President of the European 11 00:00:32,600 --> 00:00:34,360 Speaker 2: Investment Bank EIB. 12 00:00:35,080 --> 00:00:36,440 Speaker 1: European Green Deal is huge. 13 00:00:36,479 --> 00:00:38,239 Speaker 2: There's a set of policies that look to make the 14 00:00:38,280 --> 00:00:41,000 Speaker 2: European Union climate neutral by twenty fifty. You're looking to 15 00:00:41,000 --> 00:00:44,120 Speaker 2: mobilize over one trillion euros in order to do that. 16 00:00:44,560 --> 00:00:47,400 Speaker 1: How's it going, Yes, where it's going? Well, it's going well. 17 00:00:47,440 --> 00:00:49,360 Speaker 3: We are on track to meet the target of one 18 00:00:49,400 --> 00:00:52,520 Speaker 3: trillion euros in investment in green finance. More than fifty 19 00:00:52,560 --> 00:00:56,240 Speaker 3: percent of our annual investments go to the climate transition 20 00:00:56,320 --> 00:00:58,680 Speaker 3: to the green finance, so as to make it a success. 21 00:00:58,680 --> 00:01:01,120 Speaker 3: At European success a success for all of us. 22 00:01:01,120 --> 00:01:03,680 Speaker 2: But why do I keep hearing then that Europe has 23 00:01:03,760 --> 00:01:05,800 Speaker 2: more of the stick approach and the US has the 24 00:01:05,840 --> 00:01:08,039 Speaker 2: carrot approach with the IRA, how did they differ? 25 00:01:08,760 --> 00:01:11,640 Speaker 3: Well, I think that we have a shared endeavor, you know, 26 00:01:11,680 --> 00:01:14,520 Speaker 3: which is to ensure that we do this green transition, 27 00:01:14,600 --> 00:01:16,800 Speaker 3: that we move to a net zero economy, and that 28 00:01:16,880 --> 00:01:17,840 Speaker 3: this is profitable. 29 00:01:18,240 --> 00:01:20,200 Speaker 1: Well, my side of things is the carrots. 30 00:01:20,240 --> 00:01:23,600 Speaker 3: Actually, I am the investor, so we are probably we 31 00:01:23,640 --> 00:01:26,120 Speaker 3: are the largest multilateral development bank in the world. 32 00:01:26,200 --> 00:01:27,120 Speaker 1: Maybe people don't know. 33 00:01:27,160 --> 00:01:30,039 Speaker 3: With a six hundred billion balance sheet, ninety percent of 34 00:01:30,040 --> 00:01:32,640 Speaker 3: the investments are done in the EU, where we are 35 00:01:32,680 --> 00:01:35,440 Speaker 3: the largest investor in renewables. We're probably one of the 36 00:01:35,520 --> 00:01:38,720 Speaker 3: largest investors in renewables in the in the whole world, 37 00:01:39,200 --> 00:01:42,039 Speaker 3: and right now here in the UN General Assembly. Around 38 00:01:42,240 --> 00:01:46,039 Speaker 3: the General Assembly, I'm having lots of meetings exchanges to 39 00:01:46,160 --> 00:01:49,080 Speaker 3: try to bring that agenda forward with a global perspective. 40 00:01:49,360 --> 00:01:53,600 Speaker 4: Well, Nadia, I mean renewables is a very broad topic, solar, wind, water, nuclear, 41 00:01:53,920 --> 00:01:56,000 Speaker 4: Talk to us about where you're deploying your balance sheet. 42 00:01:56,040 --> 00:01:58,640 Speaker 4: I mean six hundred billions a lot of money, well more. 43 00:01:58,560 --> 00:02:01,120 Speaker 1: Than fifty percent, as I said, go into climate finance. 44 00:02:01,160 --> 00:02:05,320 Speaker 3: And this is sustainable infrastructures, this is sustainable transport. This 45 00:02:05,480 --> 00:02:10,480 Speaker 3: is also renewables, wind energy, greeds, solar, and also new fuels, 46 00:02:10,480 --> 00:02:13,320 Speaker 3: the fuels of the future, for example, green hydrogen. We're 47 00:02:13,360 --> 00:02:18,120 Speaker 3: supporting very innovative, large projects, also large traditional infrastructures and 48 00:02:18,240 --> 00:02:21,080 Speaker 3: dynamic startups that are really going to be the ones 49 00:02:21,639 --> 00:02:24,639 Speaker 3: finding the technologies, the breakthrough technologies for all of us. 50 00:02:24,680 --> 00:02:27,160 Speaker 2: I mean we've seen with hydrogen though that a lot 51 00:02:27,280 --> 00:02:30,640 Speaker 2: that it's hard, that green hydrogen particular is quite hard. 52 00:02:30,720 --> 00:02:33,120 Speaker 2: I mean Germany had a sort of backtrack from that 53 00:02:33,200 --> 00:02:36,680 Speaker 2: in particular with the war in Ukraine. In addition, like 54 00:02:36,840 --> 00:02:40,280 Speaker 2: ORSID dropped and had to ditch out on a hydrogen project. 55 00:02:40,960 --> 00:02:42,560 Speaker 2: Can you do hydrogen profitably? 56 00:02:42,840 --> 00:02:43,720 Speaker 1: And how do you do that? 57 00:02:43,800 --> 00:02:45,920 Speaker 3: But we have to, we have to because it is 58 00:02:46,080 --> 00:02:49,600 Speaker 3: can right now, well we are right now. We're investing 59 00:02:49,600 --> 00:02:51,799 Speaker 3: in a number of projects in Europe which are more 60 00:02:51,840 --> 00:02:55,960 Speaker 3: having to do with industry hubs. So we are greening industry, 61 00:02:56,280 --> 00:02:59,880 Speaker 3: highly polluting, highly energy intensive, so like a cement indus 62 00:03:00,639 --> 00:03:04,320 Speaker 3: that yes, and still you know, all these large industry 63 00:03:04,680 --> 00:03:07,760 Speaker 3: so we are we're seeing for example, close to port 64 00:03:07,800 --> 00:03:10,000 Speaker 3: to Report in the south of Portugal, we're going to 65 00:03:10,040 --> 00:03:13,000 Speaker 3: have a green hydrogen hub, so that's very close to 66 00:03:13,240 --> 00:03:17,280 Speaker 3: traditional industries and we're helping them become green and also profitable. 67 00:03:18,120 --> 00:03:20,440 Speaker 3: Likewise in other parts of Europe. You know, we are 68 00:03:20,800 --> 00:03:23,360 Speaker 3: at the early stages of these new technologies and it 69 00:03:23,440 --> 00:03:25,880 Speaker 3: is only normal you know that some projects fail, that 70 00:03:26,000 --> 00:03:28,320 Speaker 3: some projects are succeeding, and that's. 71 00:03:28,520 --> 00:03:29,720 Speaker 1: That's why we are. 72 00:03:30,200 --> 00:03:32,680 Speaker 3: The European Investment Bank is a public investment bank to 73 00:03:32,680 --> 00:03:36,040 Speaker 3: take the risk, to make sure that patient capital, long 74 00:03:36,120 --> 00:03:39,360 Speaker 3: term investors are taking those risks, so that also we 75 00:03:39,400 --> 00:03:42,240 Speaker 3: mobilize private capital and we make this a success. 76 00:03:42,760 --> 00:03:45,040 Speaker 4: Well, you know, other multi level finance institutions, I mean 77 00:03:45,080 --> 00:03:47,960 Speaker 4: development banks out for example China, Korea, et cetera, have 78 00:03:48,040 --> 00:03:50,640 Speaker 4: had a very poor track record of deploying capital profitably. 79 00:03:50,680 --> 00:03:52,240 Speaker 4: And you know, I know the IIB is different. I 80 00:03:52,280 --> 00:03:54,320 Speaker 4: know the World Bank Group is very very different. And 81 00:03:54,360 --> 00:03:57,120 Speaker 4: I know we're talking about perpetual capital, perpetual investments, but 82 00:03:57,240 --> 00:03:59,400 Speaker 4: the end of the day, you do have to get 83 00:03:59,400 --> 00:04:01,160 Speaker 4: a return on your investment. So talk to us about 84 00:04:01,160 --> 00:04:04,800 Speaker 4: which sectors within the broader renewable space, within the border 85 00:04:04,880 --> 00:04:09,120 Speaker 4: climate space, carry the highest return on investment from your perspective. 86 00:04:08,960 --> 00:04:11,560 Speaker 1: Well, actually, we are very profitable. Let me be very clear. 87 00:04:11,600 --> 00:04:13,400 Speaker 3: The fact that we are a public bank doesn't mean 88 00:04:13,400 --> 00:04:16,520 Speaker 3: that I don't have to deliver for ashholders. So around 89 00:04:16,520 --> 00:04:18,880 Speaker 3: two billion euros we had in profit last year. We've 90 00:04:18,920 --> 00:04:22,400 Speaker 3: been profitable since the bank, since its inception. We have 91 00:04:22,480 --> 00:04:26,400 Speaker 3: a very low return, very low level of non performing assets. 92 00:04:26,640 --> 00:04:28,520 Speaker 3: When I say very low, I mean like zero point 93 00:04:28,520 --> 00:04:29,640 Speaker 3: four percent of our assets. 94 00:04:29,720 --> 00:04:30,040 Speaker 4: Huh. 95 00:04:30,080 --> 00:04:32,120 Speaker 3: So it is a very profitable bank. And what we 96 00:04:32,200 --> 00:04:34,400 Speaker 3: have is a very large balance sheet and very balanced 97 00:04:34,440 --> 00:04:39,680 Speaker 3: portfolio with large infrastructures, traditional infrastructures which are very profitable, 98 00:04:39,800 --> 00:04:45,320 Speaker 3: lower risk and also highly risky endeavors like innovative startups 99 00:04:45,400 --> 00:04:48,960 Speaker 3: or large investments into new green technologies. And that's what's 100 00:04:49,000 --> 00:04:51,440 Speaker 3: allowing us, I think, to make a difference in making 101 00:04:51,480 --> 00:04:52,960 Speaker 3: projects bankable at the end. 102 00:04:52,839 --> 00:04:53,240 Speaker 1: Of the day. 103 00:04:53,360 --> 00:04:55,080 Speaker 2: So what have you noticed in terms of if you 104 00:04:55,080 --> 00:04:58,279 Speaker 2: support a project, does it bring in private investors in 105 00:04:58,320 --> 00:05:00,120 Speaker 2: private capital at the end. 106 00:05:00,040 --> 00:05:02,359 Speaker 3: End of the day, it does absolutely, you know, the 107 00:05:02,360 --> 00:05:04,880 Speaker 3: European Investment Bank is considered to be a reference in 108 00:05:04,960 --> 00:05:08,880 Speaker 3: terms of technical expertise in some areas, for example green 109 00:05:09,160 --> 00:05:12,440 Speaker 3: for example, health. So once the EiV says yes, I'm 110 00:05:12,480 --> 00:05:15,000 Speaker 3: going to invest in this project, immediately a number of 111 00:05:15,040 --> 00:05:15,919 Speaker 3: investors say. 112 00:05:15,920 --> 00:05:17,320 Speaker 1: I join, naddie. 113 00:05:17,320 --> 00:05:18,640 Speaker 4: I'd love to ask you a question. I mean, in 114 00:05:18,680 --> 00:05:21,720 Speaker 4: my world, the emerging market space, there has been an 115 00:05:21,760 --> 00:05:25,120 Speaker 4: absolute explosion of sustainable finance vehicles and mechanisms, you know, 116 00:05:25,160 --> 00:05:27,320 Speaker 4: green bonds, clean bonds, you name it. 117 00:05:27,520 --> 00:05:28,320 Speaker 1: I'm curious to hear. 118 00:05:28,200 --> 00:05:29,599 Speaker 4: Your thoughts about a lot of it. I mean, a lot 119 00:05:29,600 --> 00:05:32,320 Speaker 4: of sovereign nations, a lot of countries are issuing that 120 00:05:32,520 --> 00:05:34,279 Speaker 4: under this green bond umbrella. 121 00:05:34,720 --> 00:05:35,840 Speaker 1: You know, do you believe in that? 122 00:05:35,839 --> 00:05:37,520 Speaker 4: Do you think they're just green washing or are they 123 00:05:37,520 --> 00:05:40,400 Speaker 4: really deploying that capital in a clean and efficient way. 124 00:05:40,800 --> 00:05:43,320 Speaker 3: We have to ensure, indeed that the green bond standards 125 00:05:43,360 --> 00:05:45,719 Speaker 3: around the world are not green washing, and that that 126 00:05:45,760 --> 00:05:48,320 Speaker 3: should be a top priority. Otherwise, you know, once you 127 00:05:48,360 --> 00:05:51,320 Speaker 3: lose the credibility, then you lose everything. And in capital markets, 128 00:05:51,320 --> 00:05:52,560 Speaker 3: I don't have to explain. 129 00:05:52,240 --> 00:05:52,520 Speaker 1: It to you. 130 00:05:53,040 --> 00:05:55,200 Speaker 3: So that's why I think we have a very important 131 00:05:55,360 --> 00:05:59,480 Speaker 3: shared interest in having global standards. You know, the taxonomies 132 00:05:59,520 --> 00:06:01,440 Speaker 3: that are being developed in different parts of the world. 133 00:06:01,480 --> 00:06:04,279 Speaker 3: In Europe has been a pioneer in that area. Also, 134 00:06:04,320 --> 00:06:07,400 Speaker 3: the European Investment Bank, by the way, has pioneered green bonds, 135 00:06:07,440 --> 00:06:10,440 Speaker 3: and we have to make sure that those standards are 136 00:06:10,520 --> 00:06:14,240 Speaker 3: met and that green investments are really green, so that 137 00:06:14,320 --> 00:06:17,039 Speaker 3: we make sure that this is providing sufficient finance to 138 00:06:17,120 --> 00:06:18,240 Speaker 3: close the investment gap. 139 00:06:18,560 --> 00:06:21,560 Speaker 2: How do you offset your risk? How do you offset 140 00:06:21,680 --> 00:06:24,040 Speaker 2: risk when you're taking on riskier projects. 141 00:06:24,720 --> 00:06:27,400 Speaker 3: Well, we have a capital base, but generally what we 142 00:06:27,440 --> 00:06:30,359 Speaker 3: do is that we have riskier and less risky projects 143 00:06:30,400 --> 00:06:33,240 Speaker 3: and we mobilize our capital in a very wise manner. 144 00:06:33,279 --> 00:06:36,200 Speaker 3: You know, sometimes our shareholders and say you should take 145 00:06:36,200 --> 00:06:37,760 Speaker 3: on more risk because that's what. 146 00:06:37,640 --> 00:06:38,520 Speaker 1: Your capital is for. 147 00:06:38,760 --> 00:06:41,839 Speaker 3: But I think that we have a relatively good balance 148 00:06:41,880 --> 00:06:43,360 Speaker 3: in terms of can you give. 149 00:06:43,200 --> 00:06:45,120 Speaker 2: Me a balance on that, Like what would be considered 150 00:06:45,200 --> 00:06:47,120 Speaker 2: a low risk project, what would be considered a high 151 00:06:47,200 --> 00:06:48,240 Speaker 2: risk for example, Well. 152 00:06:48,640 --> 00:06:52,360 Speaker 3: An infrastructure in a European country, that is a low 153 00:06:52,440 --> 00:06:53,040 Speaker 3: risk project. 154 00:06:53,320 --> 00:06:54,520 Speaker 1: When we're building. 155 00:06:54,120 --> 00:06:59,320 Speaker 3: A trains or rolling stock or or a metro or port. 156 00:06:59,440 --> 00:07:02,760 Speaker 3: I mean we are lending to a sovereign state which 157 00:07:02,760 --> 00:07:06,360 Speaker 3: has a very high rating and this is our shareholders. 158 00:07:06,480 --> 00:07:10,440 Speaker 3: So investments within the EU are considered to be generally 159 00:07:10,560 --> 00:07:13,200 Speaker 3: lower risk. Or for example, we do also through the 160 00:07:13,200 --> 00:07:15,880 Speaker 3: financial sector, we do lending to SMEs in Europe that 161 00:07:16,040 --> 00:07:18,680 Speaker 3: is very profitable, lower risk. 162 00:07:18,800 --> 00:07:20,200 Speaker 1: Then if we are investing in a. 163 00:07:20,240 --> 00:07:24,120 Speaker 3: Very large project one billion, two billion project in green hydrogen, 164 00:07:24,120 --> 00:07:26,240 Speaker 3: as you were saying, you know, I'd like. 165 00:07:26,280 --> 00:07:28,640 Speaker 4: To take a variation on that question. That's important because 166 00:07:28,640 --> 00:07:30,880 Speaker 4: you're right, it's a lot of these small medium enterprises. 167 00:07:31,200 --> 00:07:33,440 Speaker 4: They're the ones who are actually proactively, you know, taking 168 00:07:33,520 --> 00:07:38,720 Speaker 4: risk in the market. What sort of risk hedges transmission vehicles, 169 00:07:38,840 --> 00:07:41,280 Speaker 4: carbon credits, offsets, can they take advantage of it? I mean, 170 00:07:41,320 --> 00:07:44,360 Speaker 4: what's available to them to help offset their risk in 171 00:07:44,400 --> 00:07:44,880 Speaker 4: the space. 172 00:07:45,320 --> 00:07:48,520 Speaker 3: Well, what we do is we provide guarantees and portfolio 173 00:07:48,560 --> 00:07:53,000 Speaker 3: guarantees or other sort of financial support to the banks 174 00:07:53,120 --> 00:07:56,280 Speaker 3: so that they can lend to SMEs with lower interest rates. 175 00:07:56,440 --> 00:07:59,840 Speaker 1: That's basically what we do. And again that. 176 00:07:59,800 --> 00:08:03,280 Speaker 3: Allows us to reach a large share of European smeans 177 00:08:03,440 --> 00:08:07,679 Speaker 3: and there, for example now investing in green technologies energy 178 00:08:07,680 --> 00:08:10,640 Speaker 3: efficiency thanks to the support of the European Investment Bank. 179 00:08:10,800 --> 00:08:12,800 Speaker 3: I don't know if many of them know it, you know, 180 00:08:13,240 --> 00:08:15,280 Speaker 3: because they go to a bank, a commercial bank. 181 00:08:15,720 --> 00:08:18,480 Speaker 1: But you know, although they are. 182 00:08:18,120 --> 00:08:20,920 Speaker 3: They have to signal in their loans that this is 183 00:08:21,600 --> 00:08:23,840 Speaker 3: supported by the European Investment Bank. I don't know if 184 00:08:23,880 --> 00:08:26,040 Speaker 3: they always do, but the fact of the matter is 185 00:08:26,080 --> 00:08:28,240 Speaker 3: the EiV is one of the key elements that is 186 00:08:28,320 --> 00:08:29,720 Speaker 3: driving the European economy. 187 00:08:30,760 --> 00:08:33,280 Speaker 2: Where does natural gas fall into this? 188 00:08:33,360 --> 00:08:36,520 Speaker 1: For you guys, Well, we have to get away from 189 00:08:36,600 --> 00:08:38,600 Speaker 1: natural gas, right, need it? 190 00:08:38,640 --> 00:08:42,120 Speaker 3: So it gets hard, I understand, and we all understand. 191 00:08:42,240 --> 00:08:43,679 Speaker 1: We are in the midst of that transition. 192 00:08:43,920 --> 00:08:45,839 Speaker 3: But if there is one thing that we have learned 193 00:08:45,960 --> 00:08:48,960 Speaker 3: due to the war in Ukraine is that we cannot 194 00:08:49,000 --> 00:08:50,640 Speaker 3: be dependent on Russia. 195 00:08:50,960 --> 00:08:51,640 Speaker 1: And starting with. 196 00:08:51,720 --> 00:08:54,800 Speaker 3: Russia, but other parts of the world be talking about 197 00:08:54,920 --> 00:08:58,400 Speaker 3: energy cheap, other elements of the of the supply chain, 198 00:08:58,440 --> 00:09:01,439 Speaker 3: critical raw materials. You know, Europe has to stand up 199 00:09:01,440 --> 00:09:04,480 Speaker 3: on its two feet and become independent when it comes 200 00:09:04,480 --> 00:09:05,040 Speaker 3: to energy. 201 00:09:05,120 --> 00:09:06,880 Speaker 1: That's that's a clear idea I think. 202 00:09:07,080 --> 00:09:09,320 Speaker 4: You know, I want to talk about economic disparity, but 203 00:09:09,400 --> 00:09:11,640 Speaker 4: more in terms of the type of partners you choose 204 00:09:11,679 --> 00:09:13,600 Speaker 4: to go into business with, right, the types of banks, 205 00:09:13,640 --> 00:09:16,240 Speaker 4: you know, I think of the Brookfields, the Blackstones, the 206 00:09:16,280 --> 00:09:18,920 Speaker 4: Macquarie is, you know, these big infrastructure investors, the Morgans 207 00:09:18,960 --> 00:09:21,720 Speaker 4: and analysts. You know, does that matter, like you know, 208 00:09:22,480 --> 00:09:25,880 Speaker 4: can you partner with smaller banks, medium sized banks, international banks? 209 00:09:25,920 --> 00:09:27,240 Speaker 4: I mean, how often do you do that or do 210 00:09:27,280 --> 00:09:29,160 Speaker 4: you kind of stick to the people you know and 211 00:09:29,240 --> 00:09:29,880 Speaker 4: look best. 212 00:09:30,080 --> 00:09:33,240 Speaker 3: No, we partner with a lot of financial institutions around 213 00:09:33,280 --> 00:09:36,040 Speaker 3: the world. Of course, we do a very serious check 214 00:09:36,160 --> 00:09:39,760 Speaker 3: when it comes to not only the financial strength of 215 00:09:39,800 --> 00:09:45,120 Speaker 3: the counterparties, but also compliance and reputational risks. And also 216 00:09:45,200 --> 00:09:49,520 Speaker 3: we are investing through funds, investment funds. We have a subsidiary, 217 00:09:49,600 --> 00:09:52,720 Speaker 3: the European Investment Fund, which is partnering with private investment 218 00:09:52,720 --> 00:09:56,679 Speaker 3: funds to then mobilize these other sort of venture capital 219 00:09:56,720 --> 00:09:59,320 Speaker 3: and quasi capital investments. 220 00:09:58,679 --> 00:10:01,480 Speaker 2: What's the thing that you guys are most excited about 221 00:10:01,600 --> 00:10:04,600 Speaker 2: right now, either some kind of technology or a certain 222 00:10:04,679 --> 00:10:07,520 Speaker 2: type of project that you feel like has real potential 223 00:10:07,559 --> 00:10:09,679 Speaker 2: that can really unlock other opportunities. 224 00:10:10,320 --> 00:10:13,000 Speaker 3: Well, I think there are two areas where let me 225 00:10:13,040 --> 00:10:15,520 Speaker 3: focus on what I have been discussing here in New York, 226 00:10:15,760 --> 00:10:18,680 Speaker 3: because back in Luxembourg there we discuss many other it's. 227 00:10:18,600 --> 00:10:20,120 Speaker 4: Going on behind closed doors. 228 00:10:20,640 --> 00:10:23,200 Speaker 3: Indeed, that's why I'm going to give you a sneak review. 229 00:10:23,760 --> 00:10:28,040 Speaker 3: Now we have been discussing. There's nothing so revolutionary or surprising, 230 00:10:28,080 --> 00:10:31,800 Speaker 3: but actually I've been discussing. We've been discussing four main subjects. 231 00:10:32,200 --> 00:10:35,800 Speaker 3: Green climate, health, that's a big issue. I think that 232 00:10:35,880 --> 00:10:39,720 Speaker 3: there's a lot of interest in health. Multilateral development institutions 233 00:10:39,760 --> 00:10:40,679 Speaker 3: working as a system. 234 00:10:41,000 --> 00:10:42,240 Speaker 1: We're working better than ever. 235 00:10:42,400 --> 00:10:45,600 Speaker 3: We're cooperating with the World Bank, African Development Bank, Asian 236 00:10:45,600 --> 00:10:48,880 Speaker 3: Development Bank, and we want to really be giving as 237 00:10:48,960 --> 00:10:51,880 Speaker 3: much value for money to our shareholders in supporting the 238 00:10:51,920 --> 00:10:53,280 Speaker 3: global economy and investment. 239 00:10:53,920 --> 00:10:55,640 Speaker 1: And then fourth point has been women. 240 00:10:56,120 --> 00:10:59,079 Speaker 3: I think that there is also a lot of There 241 00:10:59,080 --> 00:11:01,000 Speaker 3: are lots of things going known around the world in 242 00:11:01,080 --> 00:11:04,160 Speaker 3: terms of partnering and networks of women, and I think 243 00:11:04,160 --> 00:11:06,480 Speaker 3: we have to support that that endeavoral. 244 00:11:06,080 --> 00:11:08,840 Speaker 2: So, which definitely ties into help also at the same time. 245 00:11:08,920 --> 00:11:10,640 Speaker 2: All right, Dadiet, thanks a lot. We really appreciate that 246 00:11:10,720 --> 00:11:13,960 Speaker 2: was a wonderful sort of beneath the hood look on 247 00:11:14,000 --> 00:11:16,559 Speaker 2: how you finance all of this now you help President 248 00:11:16,559 --> 00:11:18,320 Speaker 2: of European Investment Bank, thank you so much. 249 00:11:18,600 --> 00:11:19,959 Speaker 1: Thanks to you, Bye bye bye.