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Finnish economics minister bids for post of European Investment Bank director

Xinhua, January 31, 2015 Adjust font size:

Finnish Economic Affairs Minister Jan Vapaavuori on Friday confirmed his candidacy for the post of director at the European Investment Bank (EIB), a position mandated for Finland.

This means the high-profile conservative politician could leave for Luxembourg with parliamentary elections less than three months away. Local analysts see the move by Vapaavuori as a serious loss to the Finnish National Coalition Party.

Vapaavuori dismissed the view that his departure was connected with the declining support of the party.

A poll commissioned by Finnish national broadcaster Yle on Thursday placed the conservatives at third place. It is possible the largest party in the current parliament will end up in opposition after the elections in April and a center-left cabinet is formed instead, according to the poll.

In the 2011 election, Vapaavuori got the second largest number of votes on the conservative ticket in the Helsinki constituency.

During his tenure in the cabinet, he was associated with the arrangements that secured the future of producing cruisers in Finland as the state became a minority shareholder in the Turku shipyard when it was purchased by the German company Meyer Werft.

In June last year, Vapaavuori ran for the position of party chairman but lost in the vote. Alexander Stubb was elected and thus became Finnish prime minister.

Vapaavuori said on Friday that Stubb supported his plans. He said he would not run for re-election in parliament, but would campaign for the party.

The previous Finnish director at the EIB during the period 2003-2007, Sauli Niinisto, is the current Finnish president.

Vapaavuori did not exclude a return to Finnish politics upon completion of his term in Luxembourg.

The Finnish mandate for a director at the bank is alternating in a rotation with Sweden and Austria. The EIB is the EU's non-profit, long-term lending institution. Endit