Nadia Calviño emerges victorious as EIB chief, Vestager withdraws from race

Spain's Finance Minister Nadia Calviño has been appointed as the next head of the European Investment Bank (EIB) after winning the support of EU countries. Calviño, who will start her role on January 1, 2022, defeated Margrethe Vestager, the EU digital and competition chief, in the contest. As the new EIB chief, Calviño will oversee the allocation of billions of euros in loans for infrastructure projects across Europe, as well as play a crucial role in financing the green transition and the rebuilding of Ukraine. Her appointment marks a victory for a socialist candidate from a southern country and is expected to have implications for other top EU positions.