The social development bank in Europe


Governor Wenzel on an official visit to Romania

5 April 2017

PARIS - The Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, concluded today an official visit to Romania, during which he met with senior government officials. 

Governor Wenzel met with the Minister of Public Finance, Viorel Ştefan, and the Minister of Culture and National Identity, Ioan Vulpescu, with whom he exchanged views on the ongoing CEB projects in Romania, on Romania’s development needs, and on prospects for strengthening relations. In particular, they talked about possible areas in which the CEB might finance social projects in the future.  

At the end of the meetings, the Governor said: “Ongoing CEB projects in Romania have been progressing well and several of them are nearing completion. In the consecutive meetings I had with Mr Ştefan and Mr Vulpescu today, we explored ways of further strengthening our cooperation in the years to come. Romania is rich in cultural heritage and the Bank is ready to contribute to Romania’s social development, particularly in the rehabilitation of historical buildings.” 

Romania joined the CEB in 1996 and has had loans approved for 30 projects amounting to € 1.7 billion. CEB operations cover a number of areas, including the rehabilitation of important historical and cultural buildings such as the Royal Palace in Bucharest, the Romanian Opera House, the Palace of Culture in Iasi, and the National Library. More recently, the CEB approved a loan to finance a social housing programme aimed at providing affordable housing for more than 10 000 young persons through the construction and rehabilitation of housing units.

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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