The board of governors and the board of directors of the European Investment Bank (EIB) have concluded this Thursday the process for the formal appointment of the current Spanish first vice president, Nadia Calvino, as president of this EU financial institution. “She will take office on January 1, 2024,” the EIB announced through the social network X (formerly Twitter).
The EIB Board of Governors and Board of Directors have now concluded the formal appointment process for @NadiaCalvino as the next President of the EU bank.
She will take office on January 1, 2024. https://t.co/7ykNoMCs2T
—European Investment Bank (@EIB) December 21, 2023
Confirmation that the current Spanish minister will take up the new position on January 1, to replace the German Werner Hoyer, that runs out of office, forces the President of the Government, Pedro Sánchez, to communicate without further delay the name of the person who will replace Nadia Calviño in the Economy portfolio.
Although at first Sánchez said that it could take weeks or even months to formalize the replacement of Calviño – implying that the replacement at the EIB could take time to be formalized – the truth is that the President of the Government had shown signs this week that the delay was not going to be such. This Wednesday, in the plenary session of the Congress of Deputies, Sánchez expressed his gratitude to Calviño for the work carried out in the Government, and said that perhaps this was going to be his last presence in a plenary meeting of Las Cortes.
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Nadia Calviño will thus become the first woman to preside over the European Investment Bank (EIB), the financial arm of the European Union, with a balance of 544 billion euros, and which has the Member States as shareholders. The entity that he will direct starting in January, replacing Hoyer, who has been in office since 2012, has as its main objectives boost growth and employment potential in Europesupport measures to mitigate climate change and promote EU policies in third countries.
The EIB will also be a fundamental pillar for Next Generation loan management. In fact, the bank will be in charge of managing the 20,000 million euros in loans for the autonomies through the Autonomous Resilience Fund. It is a quarter of the 83,000 million euros that Spain will receive in the addendum to the Recovery Plan, and will be aimed at financing sustainable investment projects of the autonomous communities. As the bank’s top executive, Calviño will be in charge of analyzing these projects and deciding where the money is directed.