Governor Wenzel and Georgian Deputy Minister of Finance meet in Paris
6 April 2018
PARIS – The Governor of the Council of Europe Development Bank (CEB), Mr Rolf Wenzel, today welcomed Georgia’s Deputy Minister of Finance, Mr Nikoloz Gagua, member of the CEB’s Administrative Council, to the Bank’s headquarters.Discussions focused on ongoing CEB operations in Georgia and future prospects for bilateral co-operation. The CEB is currently considering financing a project which aims to connect the isolated Svaneti region with the rest of the country and is expected to deliver significant benefits to the region’s inhabitants.
“Today we had a constructive exchange of views with Mr Gagua. We are looking at ways to expand co-operation with Georgia in the years to come, with a view to supporting more social development projects in the country,” said Governor Wenzel.Having become a CEB member in 2007, Georgia has benefited from CEB loans in the area of financing for micro, small and medium-sized enterprises (MSMEs) to support job creation and preservation as well as in environmental protection and education, specifically rehabilitating around 20 state schools in Tbilisi and enhancing their energy efficiency.
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 positive 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.