European Investment Bank Welcomes First Cypriot Vice President
Kyriakos Kakouris Takes Over From Lilyana Pavlova, Who Held the Position Since 2019
For the first time in its history, the European Investment Bank has appointed a Vice President from Cyprus, economist Kyriakos Kakouris, to its Management Committee. Kakouris takes over from Lilyana Pavlova, who held the position since 2019. This significant appointment followed a decision by the EIB's shareholders, the EU Member States.
The EIB's Management Committee is its core executive body, comprising nine members, including the President and eight Vice Presidents. This team is responsible for the bank's daily operations, preparing decisions for the Directors, and ensuring their execution. Members are nominated by the Board of Governors, composed of EU finance ministers, based on recommendations from the Board of Directors.
Having been nominated by Cyprus to serve on the EIB’s Board of Directors since Cyprus's EU entry, Kakouris expressed his honor in becoming Vice President. He emphasized the EIB's pivotal role in supporting diverse sectors for the betterment of citizens in Europe and globally.
EIB President Werner Hoyer praised Kakouris, highlighting his tenure as the EIB’s longest-serving director and his potential as a steadfast leader in the Management Committee.
Reflecting on her term, Pavlova mentioned her enriching experience with the EIB over the past four years. She recounted guiding the bank through the challenges of the Covid-19 pandemic and the Russian incursion into Ukraine, both leaving profound impacts on European citizens and beyond. Pavlova expressed her confidence in Kakouris, recognizing his deep familiarity with the bank and wishing him success.
In 1990, after three years of working at the Cyprus Chamber of Commerce, Mr. Kakouris joined the Cypriot Ministry of Finance as an Economic Director. He was responsible for project financing, procurement issues, financial management and administration issues and the International Financial Organisations. Mr. Kakouris graduated from the University of Athens with a Degree in Economics and he has an MA Economics from the Lakehead University in Canada.
