The social development bank in Europe


Governor Wenzel visits Cyprus to hold meetings with the government

16 September 2015

Governor and President of CyprusPARIS - During an official visit to Cyprus on 14-16 September, the Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, held a series of meetings to discuss ongoing CEB projects. He met the President of Cyprus and other members of the government and senior officials, and visited the site of a CEB-financed project.

On 16 September Governor Wenzel met with the President of the Republic of Cyprus, Nicos Anastasiades, in Nicosia. The President announced a grant contribution of €100,000 from Cyprus to the proposed Migrant and Refugee Fund of the CEB. Discussions also focused on current CEB projects in Cyprus and on ways to strengthen further relations between Cyprus and the Bank. 

Following his meeting with the President of Cyprus, Governor Wenzel said: “Talks with President Anastasiades and other members of the Cypriot government were constructive and I am grateful for the warm hospitality we received here in Cyprus, a valued CEB member for over 50 years.” 

Commenting on the content of his meetings, Governor Wenzel stated: “At the meetings I reaffirmed the CEB’s readiness to continue its lending activity in the country, and we explored areas of future cooperation. We also discussed the current migrant and refugee crisis. I warmly welcome the President’s announcement that Cyprus will make a grant contribution of €100,000 to the proposed Migrant and Refugee Fund. Dealing with issues relating to refugees and migrants has been and remains at the heart of the CEB’s mandate, and we stand ready to support our members in dealing with the current crisis and its potential long-term effects”.

Governor and Minister of Finance of CyprusGovernor Wenzel also held bilateral meetings with Harris Georgiades, Minister of Finance, Ioannis Kasoulides, Minister of Foreign Affairs, Costas Kadis, Minister of Education and Culture, representatives of the Central Bank of Cyprus, and Constantinos Yiorkadjis, Mayor of Nicosia. The Ministers expressed their support for the Governor’s proposal to set up a new Migrant and Refugee Fund in order to assist CEB members in their response to the current crisis.

On 15 September, Governor Wenzel visited the University of Cyprus, the largest academic institution in the country. The first phase of construction of the University’s new campus in the outskirts of Nicosia, completed in 2012, was co-financed by the CEB.   

Since joining the CEB in 1962, Cyprus has had 33 loan requests approved amounting to €2 billion, of which €1.82 billion have been disbursed. The areas which have benefited most from CEB lending are the construction and rehabilitation of public infrastructure, education, the protection of the environment, and aid to 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.

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