If his selection is approved by the EU's non-profit lending institution's board of governors, the EIB, the organisations' next vice president will be former Finance- and Prime Minister Alexander Stubb.
The EIB VP post changes by country on a rotating basis. Stubb's NCP colleague Jan Vapaavuori, who currently serves as Mayor of Helsinki, was the previous representative of Finland, Sweden, Austria, Estonia, Latvia and Lithuania in the EIB Management Committee, according to the Finnish Ministry of Finance.
According to an agreement between these countries, Finland has a mandate to nominate a candidate for Vice-President of the Management Committee for the term that ends at the end of August 2019.
According to the finance ministry, the Management Committee oversees the day-to-day running of the EIB, prepares decisions for the Board of Directors, and ensures those decisions are implemented. The group of countries composed of Finland, Sweden and Austria and the Baltic counties Estonia, Latvia and Lithuania have a joint representative in the Management Committee.
The final decision on Stubb's appointment will be made by the EIB's board of governors.
The non-profit EIB is charged with granting loans and securities which are in the EU's interest. The bank borrows market capital funds and then lends the money to finance projects that are considered important to the EU.