News
CEB welcomes Andorra as 42nd member state
11 June 2020
PARIS – Andorra becomes the CEB’s 42nd member state.
Andorra officially became the 42nd state to join the Council of Europe Development Bank (CEB).
The Governor of the CEB, Rolf Wenzel, said: “On behalf of everyone at the CEB I extend a warm welcome to Andorra. In the spirit of solidarity which characterises the CEB and its work, all its members are united in their concerted efforts to build a better, stronger Europe. I am delighted that Andorra is joining these efforts as the 42nd member of the CEB.”
The Chairman of the Governing Board of the CEB, Dominique Lamiot, added: “The accession of Andorra to the Bank is excellent news and I am very pleased with it on behalf of all member countries. This confirms the attractiveness and relevance of the CEB, especially in these difficult times. I am convinced that our Bank, with its social mandate and the support of its now 42 member states, will be able to respond effectively to the economic, social and environmental challenges of the coming months and years.”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 positive, 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.