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Spain’s Finance Minister, Nadia Calviño, has been named as the President of the European Investment Bank (EIB), after months of intense negotiations and competition. Currently, the position is held by Germany’s Werner Hoyer, who steps down at the end of December.
The news was announced by the Belgian Minister Vincent van Peteghem, who chairs the EIB’s Board of Governors. Peteghem said that a consensus had been reached in favor of Calviño’s candidacy. He expressed confidence in her leadership abilities, noting that she would be a robust president for the world’s largest investment bank.
“We are convinced that Nadia Calvino has all the qualities needed to manage the world’s biggest multilateral bank, channeling much-needed financing to businesses, and supporting investment to boost Europe’s competitiveness and sustainable growth,” said Peteghem.
Calviño, who has served as Spain’s Finance Minister and Deputy Prime Minister, expressed gratitude and honor for the support from her colleagues. She highlighted the respect, appreciation, and leadership she gained through a year of intensive work.
A Green Future
The EIB, funded and governed by the EU’s 27 national finance ministries, has recently rebranded as the bloc’s climate bank. In 2019, it pledged to support €1 trillion in sustainable investment and to end fossil fuel finance. The bank has also played a crucial role in financing reconstruction efforts in war-torn Ukraine.
Nadia Calviño’s appointment comes at a pivotal time as the EIB navigates the challenges of the green transition and provides financial support to address geopolitical issues, including the situation in Ukraine. Calviño previously worked at the European Commission as well.
Spain put forth Calvino’s name for several top jobs in the European Union since 2019. These include the chair of the Eurogroup meeting of eurozone finance ministers and the head of the International Monetary Fund.
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