The social development bank in Europe


CEB Governor on an official visit to Latvia for talks with the government

24 March 2017

Rolf Wenzel and Dana Reizniece-Ozola
Rolf Wenzel and Dana Reizniece-Ozola
PARIS - The Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, concluded a series of visits to the Baltic States with an official visit to Latvia, where he met with members of the government.

On 24 March Mr Wenzel and the CEB delegation were received by the State Secretary of Foreign Affairs, Andrejs Pildegovičs, in Riga. The Governor then met with Latvia’s Minister of Finance, Dana Reizniece-Ozola. In addition to exchanging views on the economic situation in Europe, they discussed ongoing CEB activity in Latvia and the prospect of strengthening cooperation in the future. Governor Wenzel also had an exchange of views with the Chairman of the Board of the Latvian Development Finance Institution ALTUM, Reinis Bērziņš. 

Following these meetings, Governor Wenzel said: “I am glad that the CEB has been active in Latvia for several years and look forward to increasing our level of cooperation. In a series of very fruitful meetings this morning, I had the opportunity to outline the role that the CEB plays in the promotion of social development in Europe, particularly in areas such as education, health, and public infrastructure. We also discussed potential new social projects in Latvia in the years to come. I take this opportunity to thank the Latvian government for the hospitality it extended to the CEB delegation and to me personally.” 

Latvia joined the CEB in 1998 and has since had nine loans approved for social projects amounting to almost € 350 million. The most recent loan was to the State Development Finance Institution in 2015 in order to partially finance a national programme aimed at increasing energy efficiency in apartment blocks.

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.

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