MADRID (AP) — The European Union has appointed a former international banker and seasoned diplomat as the bloc's special envoy for Venezuela, in a move that it hopes will increase the chances of a fresh presidential election as a way out of the crisis in the country.

Enrique Iglesias, a former Uruguayan foreign minister who went on to head the Inter-American Development Bank, was appointed on Tuesday as the EU's special envoy for Venezuela by the bloc's foreign affairs chief, Federica Mogherini.

Holding dual Uruguayan-Spanish nationality, and drawing from a long experience in Latin American agencies, European diplomats believe he is well placed to talk to both the government of Nicolás Maduro and its opposition.

The EU said its aim regarding the appointment is "to contribute to a peaceful and democratic solution to the Venezuelan crisis and as a follow-up to discussions held in the context of the International Contact Group."

Eight European countries — including Germany, Spain and Britain — as well as Bolivia, Ecuador, Costa Rica and Uruguay in Latin America, have been part of the ICG since February.

Its mission to Caracas earlier this month met separately with both Maduro and Juan Guaidó, the opposition leader recognized as the interim president of Venezuela by dozens of countries, including the United States.

The group says that, rather than mediating, it works to set conditions for fair and transparent presidential elections and safe delivery of humanitarian aid, and has come out as a strong supporter of the ongoing talks between Maduro and Guaidó's envoys in Oslo.

A senior EU official told The Associated Press that the bloc saw talks in the Norwegian capital as "complementary" and "aligned" with the work of the ICG.

"Readiness to dialogue needs to be accompanied by specific gestures to give it credibility," said the official, who was not authorized to be named in media reports.

He added that the EU is open to support the application of possible accords that may emerge from the Oslo process, if required by the parties.

"It is important for the negotiation process to have a goal and that should be free and fair elections," he said.