PARIS (Reuters) – Spanish Economy Minister Nadia Calvino was chosen on Friday to take over as president of the European Investment Bank (EIB), the institution announced in a press release.
An agreement on his appointment was reached by the finance ministers of the European Union on the sidelines of the Council for Economic and Financial Affairs (Ecofin) meeting in Brussels.
“The political agreement reached today paves the way for the formal appointment procedure by the Board of Directors and the Board of Governors of the EIB by written procedure,” the EIB said in a press release.
“The vote within the EIB Board of Directors and Board of Governors is expected to be finalized in the coming weeks, ahead of the official date of inauguration of the new President, which will be January 1, 2024.”
Nadia Calvino, who was the favorite in the race for the presidency of the EIB, would succeed Werner Hoyer whose second term ends at the end of the year.
The presidency of the EIB lasts for a six-year term.
At the same time, the Dane and current European Commissioner for Competition, Margrethe Vestager, announced on X the withdrawal of her candidacy.
An economist by training, Nadia Calvino, 55, has held the position of Minister of Economy in the government chaired by Pedro Sanchez since June 2018.
(Written by Blandine Hénault, with Charlotte Van Campenhout, edited by Kate Entringer)
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