The European Investment Fund (EIF) has appointed Pierluigi Gilibert as its new CEO to replace Richard Pelly.
Gilibert, who is currently director general of the European investment Bank (EIB), will start his new job in March.
Prior to joining the EIB in 1984, he worked as an economist in the research and in the international departments of Banca Commerciale Italiana in Milan.
EIF chairman Dario Scannapieco said, “His financial, institutional and operational experience and knowledge of the EIB Group will undoubtedly be of great value in driving EIF’s future growth; in addition, he will further optimize the collaboration between EIB and EIF in order to use their complementarity to further strengthen the EIB Group’s support for SMEs in Europe.”
The EIB, which is a majority shareholder in the EIF, has recently approved the increase in the fund’s capacity to expand its activities substantially from 2014 onwards.
This boost to the EIF will be based on two pillars: firstly, a capital increase of €1.5bn subscribed capital, including a cash contribution of €560m; and secondly, a mandate through which the EIB will make available up to €4bn in support of additional guarantees to be issued by the EIF over the next seven years.
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