Magdalena Álvarez has been appointed vice-president of the European Investment Bank (EIB) by the bank’s Board of Governors. She took up her duties on 16 July. She replaces Dr Carlos da Silva Costa, who was recently appointed governor of the Bank of Portugal. In the EIB’s Management Committee, Álvarez will be responsible for financing operations in Spain, Portugal and the countries covered by the Asia and Latin America mandate. Álvarez, of Spain, has given up her current position as member of the European Parliament so that she can join the EIB. Her previous posts include minister for public works of the government of Spain (2004-2009) and minister for economic affairs and finance of the regional government of Andalusia (1994-2004).