News
CEB Governor addresses the Committee of Ministers of the Council of Europe
18 February 2021
STRASBOURG – The Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, has participated in a meeting of the Committee of Ministers during the 1396th session of the Ministers’ Deputies at the Council of Europe in Strasbourg.
Governor Wenzel recalled that the CEB was marking its 65th anniversary this year. Since its inception in 1956 as a “Resettlement Fund”, the institution has financed social projects in order to promote social cohesion and the principles of the Council of Europe - the rule of law, human rights and democracy - across Europe. Over of the years, its membership has grown from eight founding members to 42 members today.
Focusing on the present, the CEB Governor outlined the swift, targeted action that the Bank took in 2020 to support its members in tackling the unprecedented challenges posed by the COVID-19 crisis, with special emphasis on health and job creation. At the same time, the CEB continued its regular financing activity in accordance with its 2020-2022 Development Plan, focusing on inclusive growth, sustainability, and support for vulnerable population groups. Governor Wenzel pointed out that the CEB’s lending activity increased by 50% in 2020 compared to the year before, with 56% of the total volume approved of € 6 billion benefiting CEB target group countries.
Regarding 2021, the Governor referred to the challenges lying ahead, resulting from the ongoing pandemic and its consequences, and talked about current and upcoming CEB activities and prospective actions.
The Ministers' Deputies welcomed the positive achievements in 2020 underlining the way the Bank had responded to the outbreak of the pandemic and to the ensuing crisis as well as on the CEB’s overall performance during what was an exceptionally difficult year. They also congratulated the CEB on its 65th anniversary and expressed the hope that the Bank will continue to carry out its work and fulfil its social mandate for many years to come.
The session was chaired by Ambassador Rolf Mafael, under the German Presidency of the Committee of Ministers of the Council of Europe.
Set up in 1956, the CEB (Council of Europe Development Bank) has 42 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, AAA with Standard & Poor's, outlook stable, AA+ with Fitch Ratings, outlook stable and AAA* with Scope 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.
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