CEB lends € 80 million to Portugal for urban regeneration
3 March 2017
Lisbon – The Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, signed today in Lisbon a € 80 million loan agreement to fund urban renewal and environmental protection in Portugal. On behalf of the Portuguese government the loan agreement was signed by Álvaro Novo, Secretary of State for Treasury.
The Government of Portugal set the goals for urban regeneration and energy efficiency in its operational programmes for the period 2014-2020. The CEB’s loan, in the form of EU Co-financing Facility (ECF), will co-finance eligible investments along with European Structural and Investment Funds, EIB and commercial banks.
Loans granted under the CEB’s EU Co-financing Facility facilitate better absorption of EU funds in the CEB’s member countries, helping countries, regions and municipalities address social investment needs, advance economic development, and reduce regional imbalances.
Portugal’s urban renewal programme aims to create jobs and attract younger population to declining urban centres as well as to address poverty and exclusion in disadvantaged urban peripheries.
Portugal has been a CEB member since 1976. The Bank has been contributing to the implementation of the country’s social policies, co-financing investments in the areas of social housing, urban development, environmental protection, health and education infrastructure, support for small and medium-sized businesses, and assistance to the victims of natural disasters. The CEB is also supporting the social integration of migrants and refugees.
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.