First Female President of European Investment Bank Appointed: Spanish Minister Selected

The European Investment Bank (EIB), the world's largest international public bank, has appointed its first female president in 65 years since its establishment.

Vincent Van Peteghem, Chairman of the EIB Board and Belgium's Minister of Finance, announced on the 8th (local time) via X that "EU finance ministers have agreed to support Nadia Calvi?o as the new president of the EIB."

Calvi?o currently serves as Spain's Deputy Prime Minister and Acting Minister of Economy. Her term as the new president will begin on January 1 next year. The term is six years, with the possibility of one renewal. She is the first woman since the EIB was founded in 1958 and also the first person from Spain.

The EIB plays a key role in financing the EU's international development policies. Its importance has grown as the EU has stepped up various supports for Ukraine following the war there.

Nadia Calvi?o, Deputy Prime Minister and Acting Minister of Economy of Spain.
Photo by EPA Yonhap News

Reconstruction efforts in Ukraine are expected to be a core task for President Calvi?o as well. Immediately after her appointment decision, she told reporters in Brussels, Belgium, "I am honored to have the support of my fellow finance ministers," and major foreign media reported that she said the EIB's role "will become even more important in providing funding for the green industrial transition and financial support for Ukraine's reconstruction."

The EIB president is elected by a vote of finance ministers from the 27 EU countries, and to secure the appointment, support must be obtained from at least 18 countries representing a minimum of 68% of the EIB's capital.

This presidential election was more competitive than ever, with candidates from five countries, including Margrethe Vestager of the European Commission, entering the race. Last month, Olaf Scholz, Chancellor of Germany?the largest economy in Europe?publicly endorsed Calvi?o early on, giving her a favorable position.

The result is also seen as a significant achievement for Pedro S?nchez, Spain's Prime Minister, who has been striving to expand his country's influence on the European stage while recently securing a difficult renewal of his term.

This content was produced with the assistance of AI translation services.