Building a Resilient Impact Investing Ecosystem

MATTEO RIVELLINI

Our Keynote Speaker at the CEE4Impact Day (9th October, Budapest)

1. Financing sustainable infrastructure is a cornerstone of your work.

How do you ensure that these investments also generate measurable social impact, especially in fragile or post-conflict contexts like Ukraine?

In fragile contexts, infrastructure is never just about concrete and steel, it’s about restoring dignity, rebuilding trust, and laying the foundations for long-term resilience.

In Ukraine, for example, every investment we make is guided by a dual lens:

technical feasibility and social relevance. We ask not only whether this can be built, but also who will benefit, and how it will shape lives five or ten years from now.

Measurable impact begins with listening and intentional design. We work closely with local authorities, civil society, and international partners to ensure that projects respond to real needs, whether those are access to clean water, energy security, or rebuilding schools and hospitals. At the final stop of the Road to the Ukraine Recovery Conference in Verona, I was reminded of the power of local leadership. Mayors from Lviv, Verona, and Vicenza spoke not only of reconstruction but of renewal, of how cities can become engines of hope. But impact also requires accountability. That’s why we embed monitoring frameworks from the outset, tracking not just outputs but outcomes: improved livelihoods, restored services, and strengthened institutions. That’s why we work together with municipalities, ensuring that infrastructure responds to real, local needs.

Impact also requires urgency and foresight. In post-conflict settings, infrastructure must heal as much as it builds. It must reconnect communities, foster inclusion, and create opportunities where hope has been scarce. After the attacks on Ukraine’s gas infrastructure, we moved quickly to support energy resilience ahead of the winter season. But we also looked beyond the immediate crisis toward deep decarbonization and long-term sustainability. Our collaboration with Naftogaz reflects this dual approach: emergency response paired with strategic transformation.

Ultimately, infrastructure must connect not just places, but people. It must restore trust, foster inclusion, and reflect the values of a Europe that is united in purpose.

That’s the compass we follow at the EIB.

2. From your experience, what are the key ingredients for building a resilient impact investment ecosystem in emerging markets? How do public institutions like the EIB collaborate with local actors to make this happen?

Building resilience is a longer process: it is cultivated through trust, consistency, and shared purpose.

In emerging markets, especially those facing structural challenges, the ecosystem must be more than financial, it must be relational.

Public institutions like the EIB play a catalytic role. We bring long-term capital, but we also provide credibility. Our presence signals stability, encouraging others—such as private investors, development banks, local entrepreneurs—to engage.

However, collaboration is key, and this is why we co-create models and projects ith local actors who understand the nuances of their communities.

The ingredients? Patient capital, strong governance, and a commitment to local ownership. We support capacity-building, help structure blended finance solutions, and ensure that impact metrics are locally relevant. Resilience emerges when ecosystems are inclusive, when small enterprises, municipalities, and civil society all have a seat at the table.

3. The EU Enlargement geography presents both challenges and opportunities. What trends or innovations in impact finance are you most excited about in this region?

The EU Enlargement region is undergoing a profound transformation, and impact

finance is increasingly becoming a strategic tool to support that journey. What excites me the most is that we are witnessing a new kind of investment logic, one

that sees infrastructure not just as physical assets, but as instruments of climate

resilience, regional cohesion, and EU convergence.

Projects like the Albanian railway modernization are more than a transport upgrade. They are a step toward smart, sustainable mobility and deeper regional connectivity. These investments reflect a broader trend: impact finance is increasingly place-based, tailored to local needs but aligned with EU-wide goals.

The EU accession process itself, while challenging and lengthy, is a powerful framework. It encourages reforms, strengthens institutions, and fosters convergence with EU prosperity. As Enrico Letta noted, a larger EU is essential to protect European interests and values. Impact finance supports this vision by investing in rule-of-law reforms, digital transformation, and climate resilience. And plans, like the newly launched Growth Plan for the Western Balkans add further momentum. They provide a chance to invest in skills, innovation, and competitiveness, which are key ingredients for attracting private capital and preparing economies to join the EU Single Market.

The ecosystem is maturing. Blended finance, technical assistance, and strategic partnerships are creating fertile ground for scalable, inclusive impact. The challenge now is to sustain this momentum because the opportunity is real, and the clock is ticking.

4. Looking ahead, what policy shifts or strategic partnerships do you believe are essential to scale impact investing across Central and Eastern Europe?

Scaling impact investing requires more than capital: it demands alignment.

Policy must create the right incentives, and partnerships must bridge the gap between ambition and execution.

First, we need regulatory frameworks that reward impact not just financial returns. This means clearer definitions, standardized metrics, and supportive tax policies. Second, we need to strengthen local financial institutions, enabling them to originate and manage impact-driven projects.

Strategic partnerships are essential. The EIB works closely with the European Commission, national governments, and international donors to blend resources and de-risk investments. But we also need to engage the private sector, not just as funders, but as co-creators of solutions.

Ultimately, true scale can only happen when impact is no longer an ambition, but a shared responsibility embedded in institutions, partnerships, and everyday decisions.

MATTEO RIVELLINI

Keynote Speaker at this year's CEE4Impact Day

Join us on the 9th October!

Details HERE