News
CEB finances social investment projects in Seine-Saint-Denis
25 November 2015
PARIS - The Council of Europe Development Bank (CEB) and the county (département) of Seine-Saint-Denis signed today a € 200 million loan agreement to fund multi-annual investments in education. This is the CEB's first direct loan to a French local authority.
58% of the population of Seine-Saint-Denis is under 40 years of age, but 30% of young people have no qualifications and unemployment rates are considerably higher than the national average.
Seine-Saint-Denis is addressing these challenges with an ambitious multi-annual programme of investments to renovate and modernise its lower secondary schools for the 11-15 age group.
More specifically, with the help of CEB funds the county will build 11 such schools by 2020 to cope with population growth and guarantee education and training for young people.
The CEB was represented at the signing ceremony by Vice-Governor for Social Development Strategy Apolonio Ruiz-Ligero. The Chairman of the County Council (Conseil départemental) Stéphane Troussel signed on behalf of Seine-Saint-Denis county.
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.