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Lithuania contributes €1 million to the CEB’s Ukraine Solidarity Fund in support of reconstruction efforts
04 December 2023
Vilnius/Paris - The €1 million contribution from the Government of Lithuania to the Ukraine Solidarity Fund, a trust fund managed by the CEB, will help improve the living conditions of Ukrainians as well as support reconstruction efforts.
Lithuania has joined various international initiatives supporting Ukraine through instruments of the European Union and international financial institutions and is among the leading countries in allocating support to Ukraine. So far, Lithuania’s humanitarian, financial and military aid represents 1.9% of its GDP.
Since 2015, Lithuania has been financing social investment through the CEB’s trust funds to help improve social cohesion across Europe. This Lithuanian contribution will be held in the Ukraine Solidarity Fund, which the CEB launched in 2022 to address the social impact of the Russian war against Ukraine and support reconstruction efforts. The trust fund already holds €1 million in seed financing from Ireland, which championed its creation as well as additional contributions from the Czech Republic and Germany in 2023.
“Lithuania stands firm in support of Ukraine. Ukraine’s strength lies in its people and their determination to fight against the aggressor, so it is important to provide not only military and budgetary support, but also to address the social consequences of the war to ensure the basic needs of internally displaced persons. This is why we have decided to contribute to the Ukraine Solidarity fund that will help to reconstruct and strengthen the country's social infrastructure,” said Gintarė Skaistė, Minister of Finance of Lithuania.
“We look forward to expanding our cooperation with the Ukrainian authorities to address the country’s pressing social and reconstruction needs. The momentum building around the Ukraine Solidarity Fund, including today’s generous contribution from Lithuania, is highly appreciated and will enable the CEB to do even more for Ukraine and its people” added Carlo Monticelli, Governor of the CEB.
The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.