The government has nominated Spain’s deputy prime minister as a candidate to head up the European Investment Bank (EIB), according to a Spanish government official.

PM Pedro Sánchez, who is currently trying to form a governing coalition following July’s general election, is in “full support” of Calvino’s nomination, as per a statement by the Economy Ministry. She will remain in office until Spain’s six-month presidency comes to an end on 31st December, Bloomberg reports.

Calvino has been the country’s economy minister since 2018 and one of the most visible faces of the prime minister’s electoral campaign. Rumours have been rife in recent weeks that she may depart the government to take on an international position.

Spain will attempt to seek support for Calvino during a meeting of European Union finance ministers in mid-September in Santiago de Compostela. 

Candidates must be validated by 17th August, Reuters news agency reports. The appointment requires the backing of a qualified majority of member states, which would then be agreed in September and formally adopted by the board of the EIB in October.

Calvino had previously been director general for the EU budget at the European Commission and also held senior economy ministry roles in Spain.

She has a “strong track record” and “ample experience in relevant areas for this position such as finance and budgeting, financial regulation, economic policy, digitalisation, macroeconomic analysis and forecasting, competition policy and trade,” the government official said in a statement.

Also in the running for the role is European Union antitrust chief Margrethe Vestager, as well as candidates put forward by Italy, Poland and Sweden. German EIB president Werner Hoyer will retire when his second term finishes on 1st January.

The EIB provides billions of euros for multiple projects.