News
CEB supports Andorra’s efforts to manage the COVID-19 pandemic
25 September 2020
PARIS - The Council of Europe Development Bank (CEB) has approved a € 12 million loan to support Andorra’s response to COVID-19. It is the first CEB loan for Andorra since the country joined the Bank [1] in May 2020.
Andorra registered the first case of COVID-19 on 2 March 2020. As of 21 September, there have been 1 564 confirmed cases and 53 fatalities. [2] The Government estimates that more than €13 million will be required until the end of 2020 to cover the country’s healthcare expenditures associated with the pandemic.
Andorra’s public healthcare system comprises a public hospital – Nostra Senyora de Meritxell Hospital – and twelve medical centres. The CEB financing will contribute to the three-fold increase in the number of intensive care units (up to 35 units). It will also cover up to 90% of the cost associated with COVID-19 medical services, consumables, and equipment, such as new and existing staff costs, pharmaceutical supplies and tests, and additional medical equipment.
The Governor of the CEB, Rolf Wenzel, said: “We are pleased to support Andorra – CEB’s 42nd member country - in its efforts to contain the COVID-19 pandemic and to improve the resilience of its healthcare system. Ensuring vital public services stay operational are key to Europe’s inclusive and sustainable recovery and the CEB will continue to play its part by providing swift and flexible financing and technical support to its members.”
The Finance Minister and Government Spokesperson, Eric Jover, has pointed out “the importance, in such difficult times, of diversifying the Andorran financial sources”. Jover also said: “This agreement will help us fight against COVID-19 and, in addition, will expand the economic resilience of our country while increasing our commitment to multilateralism and to the objectives of the Council of Europe.”
[1] See Press release
[2] For the latest statistics, please check the
WHO, at https://covid19.who.int/region/euro/country/ad
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 (AA+ with Fitch Ratings, outlook stable, AAA with Standard & Poor's, outlook stable and Aa1 with Moody's, 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.