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CEB approves eight new Covid-19 response projects

12 May 2020

PARIS - The Council of Europe Development Bank (CEB) approved by fast-track procedure eight new loans totalling close to €1.3 billion to its member countries for fighting the Covid-19 pandemic. The loans are provided under the Public sector Financing Facility of the CEB, which offers a flexible and timely use of CEB funds.

Croatia: A €200 million Public sector Financing Facility loan to Croatia to support the Government’s policies to mitigate the spread and consequences of Covid-19. The funds will finance additional medical supplies and equipment, safeguard the availability of medical services to people affected by Covid-19, and help to alleviate the impact of the crisis on the local authorities.

Estonia: A €200 million Public sector Financing Facility loan to Estonia to support the Government's policies to mitigate the impact of the Covid-19 crisis, maintain the viability of existing businesses, encourage continued investments, create more demand in the economy, and ensure the continuity of essential public services.  

Greece: A €200 million Public sector Financing Facility loan to Greece to support the country’s efforts to provide medical assistance to those affected by Covid-19. The loan will enable the recruitment of additional medical staff for hospitals and the acquisition of medical supplies and equipment.   

Kosovo: A €35 million Public sector Financing Facility loan to Kosovo to support the provision of medical services to those affected by Covid-19. The funds will strengthen the capacity of Kosovo’s health care system and provide incentives to medical staff fighting Covid-19.  

Latvia: A €150 million Public sector Financing Facility loan to Latvia to support the Government in its implementation of a series of measures related to the Covid-19 pandemic.  

Republic of Moldova: A €70 million Public sector Financing Facility loan to the Government to finance the provision of medical services to those affected by Covid-19 and to help alleviate the impact of the crisis on micro, small and medium-sized enterprises.  

Serbia: A €200 million Public sector Financing Facility loan to Serbia to support the health sector, in particular the acquisition of medical supplies, personal protective equipment and medical or other equipment and consumables needed in order to address the health emergency.  

Turkey: A €200 million Public sector Financing Facility loan aimed at supporting the Turkish health system to cope with the spread and consequences of Covid-19, to ensure the availability of medical services through the provision of the necessary medical treatment, material and equipment.

Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (AA+ with Fitch Ratings, outlook positive, AAA with Standard & Poor's, outlook stable and Aa1 with Moody's, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.