Dr Werner Hoyer is the President of the European Investment Bank (EIB). He took up the post on 1 January 2012 for an initial term of six years and was re-appointed for a second term in office, with effect from 1 January 2018. From 1994 to 1998 and then again from 1999 until 31 December 2011, he was Minister of State for Europe and Deputy Foreign Minister of Germany. From 2000 until 2005 he served as President of the European Liberal Democrat and Reform Party (ELDR). During his service at the German Bundestag he held several positions: first as Whip and Security Policy Spokesman of the FDP (Free Democratic Party) Parliamentary Group (1987 – 1993), then subsequently as Deputy Chairman of the German American Parliamentary Friendship Group and member of the North Atlantic Assembly (NATO). He was also Secretary General of the FDP (1993 – 1994), before becoming Minister of State at the Foreign Office. From 1998 he served as Spokesman of the FDP for Budget Affairs, from 2002 until 2009 for Foreign Affairs and Vice President of the FDP Parliamentary Group. In 1985, he took up the position as Director of the Economics and Information Department of the Carl Duisberg Society, Cologne. Two years later in 1987, he became a Member of the German Bundestag where he remained until 31 December 2011. Dr Hoyer obtained a PhD in Economics from Cologne University, Germany in 1978 and commenced his career as a senior research assistant at the Cologne University. Shortly afterwards, he was appointed as lecturer in international economic relations.