(Bloomberg) -- France will announce who it is backing to become president of the European Investment Bank on Friday, according to Finance Minister Bruno Le Maire.

“France has a position that is known by its partners and will express it Friday morning,” Le Maire told reporters in a phone briefing Thursday. 

The race to head the European Union’s lending arm has been dragging on for months, though Spanish Economy Minister Nadia Calvino has emerged as the favorite after Germany said she had its support.

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.

EU finance chiefs are meeting in Brussels Thursday evening and Friday, with the EIB presidency on the agenda. 

Spanish Prime Minister Pedro Sanchez is already preparing for the prospect of Calvino’s move.

“Tomorrow can be a good day for Spain regarding representation to European institutions,” he said Thursday. “It will be a huge loss for me personally and politically.”

“It will be good news for Spain, so I hope” that it happens, he said.

--With assistance from Rodrigo Orihuela.

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