Nadia Calviño, the Spanish Minister for Economic Affairs, will become the new President of the European Investment Bank (EIB). This was agreed by the EU finance ministers at their most recent meeting in Brussels. Calviño, who succeeds the German Werner Hoyer, is the first woman to hold the top position in the 65-year history of the EU’s main bank. The selection process was moderated by Belgian Finance Minister Vincent Van Peteghem, currently Chairman of the EIB Board of Governors. The appointment still has to be formally confirmed but is considered a formality. Calviño is due to take up the new post on January 1, 2024. Her mandate will run for six years and can be renewed.