(Bloomberg) -- Spanish Economy minister Nadia Calvino is moving closer to becoming the next president of the European Investment Bank as a consensus is emerging around her candidacy.
Belgium, which is leading the selection process as chair of the rotating presidency of the EIB’s board of governors, informed the national finance ministries that it’s moving forward in the selection process and will propose Calvino for the job, according to people familiar with the matter.
Calvino is favored to clinch the position, said the people, who spoke on the condition of anonymity because the process is private. The election could come as early as next week, when European Union finance ministers meet in Brussels.
The other candidates are Margrethe Vestager from Denmark, who stepped aside as the bloc’s antitrust commissioner, Daniele Franco from Italy and two senior EIB officials — Teresa Czerwinska of Poland and Thomas Ostros of Sweden.
Calvino has won the support of key member states including Germany, but her election still needs further backing since France remains undecided, according to one person familiar with the thinking in Paris. Italy would back Vestager if its candidate is unsuccessful, Bloomberg previously reported.
A French government spokesperson declined to comment. Politico reported earlier that Belgian Finance Minister Vincent Van Peteghem was poised to endorse Calvino for the role.
A decision is expected by year’s end as the position becomes open in January.
To become head of the EIB — the world’s biggest multilateral lender — a candidate must garner the backing of 18 member states, representing at least 68% of the share capital. The EIB is currently led by Werner Hoyer, a member of Germany’s pro-business Liberal Democratic Party.
--With assistance from William Horobin.
©2023 Bloomberg L.P.
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