CEB Governor addresses the Committee of Ministers of the Council of Europe

16 February 2022

STRASBOURG – The Governor of the Council of Europe Development Bank (CEB), Carlo Monticelli, has addressed the 1425th session of the Ministers’ Deputies meeting of the Committee of Ministers of the Council of Europe.

Governor Monticelli presented his vision for the Bank, which aims to solidify the CEB as the multinational development bank of choice for social investment.

Highlighting the special relationship between the CEB and the Council of Europe, the Governor noted that the CEB upheld the core values of the Council of Europe – democracy, rule of law, human rights – through its work and projects.

The reinforced cooperation between the two institutions was key to address the deepening of the existing inequalities in Europe due to the Covid pandemic and the climate crisis. In the face of these daunting challenges, the CEB’s mandate to preserve and promote social cohesion remained more relevant than ever.

The Bank’s robust financial performance in 2021 demonstrated that the appetite for CEB support went well beyond the pandemic emergency aid seen in 2020. The demand for timely, flexible and targeted funding was high among the CEB member states and it is projected to continue in the coming years.

By continuing to fulfill its specific role in the European financial architecture as “Europe’s Social Bank”, the CEB can act as a partner of choice to support critical social investments on the road to recovery and beyond, the Governor stressed.

The CEB has an annual exchange of views with the Committee of Ministers, the Council of Europe’s decision-making body composed of the ministers of foreign affairs or their permanent representatives in Strasbourg. This is an opportunity for the Committee members to obtain information about the Bank’s annual performance and priorities.

The session attended by Governor Monticelli was chaired by Ambassador Michele Giacomelli, under the Italian 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 positive 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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