The Basque Government presents its sustainable financing strategy and new debt issuances to European investors in Milan as part of a roadshow

The Basque Government’s Department of Treasury and Finance began an international roadshow today in Milan, with a schedule of meetings with top-tier institutional investors in the European market. The aim of this tour is to present updates on the Basque Government’s sustainable financing strategy and to strengthen its relationship with the international investment community.

The Basque delegation was led by the Minister of Treasury and Finance, Noël d’Anjou, accompanied by the Vice Minister for Financial Policy and Budgets, José Corchón; the Director of Financial Policy, Arantza Larrauri; and the Director of Cabinet and Communication, Eneritz Bilbao.

Throughout the day, meetings were held with representatives from Euromobiliare AM, Intesa, Unicredit, and Eurizon Capital, to whom a comprehensive overview was presented of the economic situation in Euskadi, its financial strategy, and its commitment to sustainability.

During the sessions, Minister Noël d’Anjou emphasised the Basque Government’s consistent and long-standing track record, which has made sustainable financing a structural element of its budgetary policy. As he explained, the recurrence of these issuances reflects a clear commitment to integrating social and environmental criteria into ordinary financial management, rather than treating them as occasional or exceptional actions.

The Minister highlighted that the financing operations are framed within the 2026 Budget, designed as a tool to strengthen economic growth, social cohesion and the ecological transition. In this regard, he noted that sustainable financing makes it possible to directly link the raising of funds in the markets with specific public policies that generate real impact for citizens.

D’Anjou conveyed to investors a message of stability, predictability, and institutional credibility, pointing out that Euskadi enters international markets with a clear strategy, rigorous planning, and prudent management of public finances. This combination, he stated, is what makes it possible to maintain market confidence even in complex international economic contexts.

For his part, Vice Minister José Corchón outlined Euskadi’s macroeconomic context, emphasizing the strength of the Basque productive model. He highlighted indicators such as high GDP per capita, the weight of advanced industry, strong employment and a sustained commitment to innovation and internationalisation. These elements, he explained, provide a solid foundation for budgetary and financial planning.

Corchón noted that the performance of the Basque economy allows the Basque Government to address its financing needs from a position of solvency, with a stable fiscal base and a medium- to long-term outlook that provides certainty to investors.

The Director of Financial Policy, Arantza Larrauri, focused her presentation on technical and financial aspects. She detailed the overall debt strategy and the policy of diversifying instruments and maturities, aimed at maintaining a balanced debt maturity profile and a competitive financial cost.

In this context, the delegation presented the Basque Government’s Sustainable Bond Framework, which clearly and transparently defines the projects eligible for financing. These include high social-impact initiatives, such as affordable housing, education, healthcare, employment and inclusion, as well as environmental projects related to renewable energy, energy efficiency, clean transport, sustainable water management and biodiversity protection.

Arantza Larrauri emphasised the governance and control mechanisms, including the publication of annual allocation reports and a dedicated impact report, subject to independent external review. This approach strengthens transparency and allows investors to closely track the use of funds.

Minister Noël d’Anjou closed the meetings by highlighting that financial sustainability is inseparable from social and environmental sustainability. He pointed out that the new issuances not only meet financial efficiency criteria but also reinforce the alignment between budgetary policy and the country’s strategic objectives, consolidating a stable and trustworthy relationship with international investors.

The roadshow will continue tomorrow in Frankfurt, where the Basque Government will hold further meetings with institutional investors to complete the round of presentations.