Abstract: The EU has committed itself to ambitious environmental, social, and techno-productive goals, and national development banks (NDBs) in the European financial architecture can be key actors in investment to finance them. However, not all EU member states have large and mature NDBs. In this light, this article examines the role of Spain´s mid-sized Instituto de Crédito Oficial and concludes that its dual nature, between the investment state and the private sector, provides it with levers to pursue EU goals effectively. Certain elements of this case could be used as lessons for other EU countries with smaller or underdeveloped NDBs

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