Spanish economy minister named head of EU investment bank

Economy and finance ministers of the European Union have elected Spanish deputy prime minister and economy minister, Nadia Calviño, as the new president of the European Investment Bank (EIB) this Friday.

The same ministers are part of the EIB's Board of Governors which decides on the presidency of the EU investment body, so the formal process at the EIB to appoint Calviño as president will now begin.

The Belgian finance minister, Vincent Van Peteghem, who chairs the Board of Governors of the EIB, said that after much deliberation among the ministers, they consider that Calviño will make for a "strong" president.

The Board of Governors will address the appointment of Calviño in a meeting next Wednesday. It's expected that Calviño will assume the position "at the beginning of next year," according to Van Peteghem.

Calviño said she will appear before the 27 ministers in February to explain her priorities as president of the EIB.

To be elected president of the EIB, Calviño had to gather the support of at least 18 member states that represent 68% of the shareholders of the EU investment entity.

Her main rival was the vice-president of the European Commission and head of Competition, Margrethe Vestager.