CEB finances public infrastructure project in Finland
3 October 2016
PARIS - The Council of Europe Development Bank (CEB) approved a € 60 million loan to the City of Tampere, Finland’s third largest city, in order to support municipality investments in public infrastructure.
Tampere, with a metropolitan area of 365 000 persons, is the largest inland city in the Nordic countries and one of the three most rapidly growing regions in Finland. The city has experienced an inflow of asylum-seekers recently. In order to accommodate the growing number of inhabitants, including children, the municipal infrastructure requires major investments for renovation and extension works.
The CEB funds, provided through a Public Sector Finance Facility (PFF), will contribute to the construction of new buildings and to the restoration, renovation or extension of existing public facilities, such as day-care centres, schools, health centres, care homes for the elderly, sports facilities and cultural sites.
Hence the CEB loan will help Tampere to address challenges related to population growth and will benefit persons of various age and population groups, including pupils, healthcare centre patients, senior citizens, young families, and persons of foreign origin.The Governor of the CEB, Rolf Wenzel, expressed his satisfaction that the Bank was contributing to a public infrastructure programme which would make tangible improvements to the living conditions of a large number of people in need, including migrants and refugees.
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 (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, 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.