“…In the current context, stakeholder stances related to the EIB double-axis activity for addressing both climate and pandemic crises are diverging, in the same fashion as not-for-profit organizations and, in particular, public banks. In the case of the EIB in particular, the stakeholder interests diverge for a broad variety of reasons, such as: i) sectoral and geographic asymmetries triggered by the pandemic (Bunte et al 2021;Carney, 2020;Das et al, 2021;Eurostat, 2021); ii) funding preferences for concessional funding in the form of EU grants provided under the new Recovery and Resilience Facility as well as pre-existing programs, instead of EIB loans which have to be repaid and come with strict conditions; iii) macroeconomic context, as countries with fiscal surpluses are benefiting from the timing of the NGEU funds-outflow, given that payouts will be effective in 2023, while countries with short-term requirements, mostly those that hit by the global financial crisis, can only bridge their funding needs with loans from the EU, which have to be repaid in 2028-2058, and additional EIB loans; iv) capital market conditions, as the EC becomes an important EIB competitor (Ainger & Nardelli, 2021) through its new 30-year Eurobonds which are to be issued for a planned EUR 1 trillion over the next five years in order to fund the EU loans mentioned above to the countries with no fiscal surpluses; v) paucity of funds, as the European financial response package falls short of the economic recovery needs (Picek, 2020), provoking a rally among countries and project promoters for securing financing for urgent short-term survival needs rather than long-term funding for climate-related transformations; vi) fund-distribution mechanisms, favoring predominantly the EIB's existing network of partner financial institutions which intermediate the channeling of EIB funds to small and medium-sized enterprises (SMEs) (Clifton et al, 2020), continuing the path of favoring opaqueness (Clifton et al, 2020;Griffith-Jones & Naqvi, 2020), while increasing competition among EIB's peers addresses the -need to level the playing field‖ (Mertens et al, 2020, p. 8) and the need to develop novel approaches for tackling the twin crises (Carney, 2020); vii) financialization of COVID-19 related investments through intermediation via the banking sector, which has been criticized as inappropriate for public goods sectors such as health (Clifton et al, 2020; Counter Balance (CB), 2021).…”