Joint Meeting of the CEB in Albania

During this meeting the Governing Board elected:

- Mr Raphaël Alomar as Chairman of the Governing Board
- Mr Joseph Licari as Chairman of the Administrative Council
- Mr Apolonio Ruiz-Ligero to the post of Vice-Governor for Social Development Strategy

Furthermore, 8 new projects, representing a total amount of 509 million euros in financings, were approved during the Administrative Council meeting. Therefore, since the beginning of 2011, the CEB's Administrative Council has approved 19 projects, for a total amount of 1 289 million euros. Among these, 13 projects are in favour the priority countries of Central, Eastern and South Eastern Europe, representing a sub-total of 619 million euros, 48% of the total amount approved this year.

The Joint Meeting of the CEB was preceded by a series of official meetings between Governor Alomar and the highest Authorities of the host country, Albania, namely: the Prime Minister, the Minister for Foreign Affairs and the Minister of Finance who also made a speech at the joint session of the Bank's Governing Board and Administrative Council.

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It will be recalled that the CEB is the oldest international financial institution in Europe, founded by eight Member States with a capital equivalent to 5.7 million euros.

As a major instrument of the policy of social solidarity in Europe, for over fifty years it has been financing social projects by making available to its Member States resources raised in conditions that reflect the quality of its signature (AAA from Standard & Poor’s, Fitch Ratings and Moody’s).

Today, with its 40 Member States and a subscribed capital of 3.3 billion euros, the CEB has paid out nearly 32 billion euros in loans since its creation.