A defining year
2025 was a defining year for the CEB. It was a period during which the Bank’s international profile was visibly enhanced, moving from the wings to centre stage by assuming the rotating Chair of the Heads of Multilateral Development Banks (MDBs) Group. Leading such a high-level global forum, whose aim is to work as a system to achieve greater scale and impact for members, was both an honour and an opportunity, which the CEB seized with telling results.
From in-depth technical meetings to high-level G20 meetings and a summit in South Africa, the CEB assured the attentive coordination that enabled peer MDBs to deliver on their commitments to the international community. Under the CEB’s stewardship, the MDBs advanced towards greater coherence, notably by jointly producing the inaugural Implementation Report on the G20 Roadmap towards Better, Bigger, and More Effective MDBs, a feat that required working with sensitivity and determination across diverse memberships and mandates.
The CEB left its own distinctive footprint during its tenure as Chair of the Heads of MDBs by pivoting the dialogue towards the social agenda.
It is also worth noting that the CEB left its own distinctive footprint during its tenure as Chair by pivoting the MDB dialogue towards the social agenda. A flagship achievement was the publication of Social Infrastructure in Focus: The role of MDBs, a new joint report underscoring the systemic importance of social investment for inclusive growth, jobs and sustainable development. This social focus was further elevated during a Heads of MDBs Group meeting at CEB headquarters in June – the first such gathering held in Europe – alongside discussions on enhancing the system’s efficiency, increasing lending headroom and mobilising private investors.
Beyond the G20, the CEB played an active role at other key international fora, such as the Fourth International Conference on Financing for Development (FFD4) held by the UN in Seville. It also strengthened its influence within the International Capital Market Association (ICMA) by joining the Executive Committee of the Principles, a key oversight body in which the CEB, as a pioneer in social bond issuance, can play a key role in encouraging investors to align the search for market value with the values of an inclusive society.
While 2025 was a watershed year, none of this would have been possible without the CEB’s solid progress as Europe’s social development bank of choice. Throughout the year, against a testing backdrop of protracted conflict on European soil and an uncertain geopolitical and economic landscape, the Bank stood steadfast as it crossed the midway point of its Strategic Framework 2023–2027.
It approved 54 loan projects across 26 countries, each designed to toughen Europe’s social fabric through investment projects in healthcare, education, housing and jobs that people need, particularly the most vulnerable. It deepened its support for Ukraine by approving a new €200 million loan – the largest since accession in 2023 – to assist over 1.2 million internally displaced people, while welcoming fresh contributions to its own Ukraine Solidarity Fund, notably from Germany.
This progress was also made possible by the Bank’s robust financial health, a capital base strengthened by the enduring support of its member countries, and proactive partnerships, notably with the EU.
The CEB is currently building on this progress with a modernisation programme designed to bolster the institution’s resilience and future readiness. Momentum is high as the CEB prepares to celebrate its 70th anniversary in 2026, buoyed by a resolve to remain a prominent, vital architect of Europe’s social cohesion, one that is dedicated to the flourishing of the countries and people it serves.
Carlo Monticelli
CEB Governor
Paris, 2 March 2026