The social development bank in Europe


Governor Wenzel concludes official visit to Iceland

5 April 2019

Rolf Wenzel and Bjarni Benediktsson
Rolf Wenzel and Bjarni Benediktsson
REYKJAVIK - The Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, concluded an official visit to Iceland, during which he met with the Minister of Finance, the Mayor of Reykjavik and other officials to discuss prospects for future cooperation. 

On 4 April, the Governor met with the Minister of Finance and Economic Affairs Bjarni Benediktsson, with whom he exchanged views on recent developments in Iceland and discussed current and future cooperation between Iceland and the CEB. Governor Wenzel expressed the CEB’s full support to Iceland’s social development.

Rolf Wenzel and Dagur B. Eggertsson
Rolf Wenzel and Dagur B. Eggertsson

The Governor also met with the Mayor of Reykjavik Dagur B. Eggertsson at the Reykjavik City Hall, where he was given a presentation on the “Borgarlina” project which the CEB is considering financing. The aim of the project is to provide a high-quality, green transit system with electric buses for the Great Reykjavik Capital Area.

The Governor’s visit also included meetings with the Governor of the Central Bank of Iceland Már Guðmundsson; with Óttar Guðjónsson, the CEO of Municipality Credit Iceland (MCI), a long-standing partner of the CEB; and with Ingvar Stefánsson, the CFO of Reykjavik Energy, Iceland’s largest geothermal energy producer, with whom he discussed future lending opportunities in renewable energy infrastructure. Governor Wenzel and the CEB delegation visited Hellisheiði Thermal Power Plant, which was financed by the CEB, and were provided with information on the development and functioning of the power plant.

Governor Wenzel said: “Iceland is a founding member of the CEB and we are looking at ways to expand our cooperation in the social sector. The green and social framework of the government’s investment plan is completely in line with the mandate and priorities of the CEB. I take this opportunity to thank the Icelandic government for the hospitality they have extended to the CEB delegation.”

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 (AAA with Standard & Poor's, outlook stable, AA+ with Fitch Ratings, 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.

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