News
CEB Governor visits Latvia to discuss social investment opportunities
22 September 2021
PARIS – The Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, concluded an official visit to Latvia where he met with high-level government officials and visited two projects financed through CEB loans.
At his meetings with representatives of the Latvian government, including Minister of Justice Jānis Bordāns, Minister of Economics Jānis Vitenbergs and State Treasurer Kaspars Āboliņš, Governor Wenzel reiterated CEB’s commitment to projects that aim to strengthen social cohesion in the Baltic region.
In a discussion with the Mayor of Riga Mārtiņš Staķis, the Governor emphasised the importance of partnering with cities to support social investment at the local level. In the Baltic region, the CEB has ongoing cooperation with the municipalities of Kaunas, Vilnius and Tartu.
“Investing in the Baltic region is important for the CEB,” the Governor said. “We stand ready to diversify our partnerships in Latvia and to support social infrastructure projects in a range of sectors.”
Governor Wenzel and the CEB delegation also visited the Academic Centre of the University of Latvia (UL) and the Ķīpsala campus of the Riga Technical University (RTU). The CEB had approved two loans to UL and RTU, totalling € 27 million, to back the country’s economic development and boost its competitiveness on the world stage.
The first loan approved in November 2017 of € 12 million is used to finance the construction of the House of Science and the House of Letters of the University of Latvia, as well as the acquisition of related equipment.
The second loan approved in November 2018 of € 15 million partially finances sub-projects within the second stage of the Riga Technical University’s campus development, namely the construction, reconstruction and concentration of structures and buildings on the Ķīpsalas campus, including the modernisation of study equipment and faculties, and the restoration of scientific infrastructure and technical material.
The CEB funds are helping to create state-of-the-art learning and research spaces that will provide Latvians with high-quality education and enable the country to attract more international students.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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