Nadia Calviño, the Spanish Finance Minister, has emerged as the leading candidate to assume the presidency of the European Investment Bank (EIB), following an endorsement from Belgium’s Finance Minister Vincent Van Peteghem. This development holds great significance in the ongoing selection process for the leadership of the EIB, with European Finance Ministers expected to vote on her candidacy during an upcoming meeting in Brussels.
Calviño, a former official of the European Commission with a background in leading the budget department, has been in the role of Spanish Finance Minister since 2018. Her candidacy for the top position at the EIB has gained considerable momentum, receiving notable support from German Chancellor Olaf Scholz during a gathering of the top European Socialist leaders in Spain. However, France has not yet publicly endorsed any candidate, and the decision is believed to rest on the approval of President Emmanuel Macron.
The competition for the EIB leadership position has included prominent figures such as Denmark’s Margrethe Vestager, Poland’s Teresa Czerwińska, and Italy’s Daniele Franco. The outcome of the selection process holds great importance as the EIB plays a crucial role in financing major infrastructure projects across Europe, and is expected to be involved in initiatives such as the reconstruction of Ukraine and climate financing.
The appointment of the EIB president, who must have the backing of 18 member countries, will be determined by a vote that heavily relies on the support of France and Germany. Therefore, the consensus among EU finance ministers is crucial in determining the next leader of the European Investment Bank.
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