The social development bank in Europe


Luxembourg contributes € 500,000 to Migrant and Refugee Fund

6 November 2015

Luxembourg contributes €500000 to MRFPARIS – The Council of Europe Development Bank (CEB) welcomed Luxembourg’s announcement that it was contributing € 500,000 to the Bank’s newly established Migrant and Refugee Fund (MRF).

The announcement was made by Luxembourg’s Minister of Finance, Pierre Gramegna, who had previously met with CEB Governor Rolf Wenzel to discuss the migrant and refugee crisis.

Following a proposal by Governor Wenzel, CEB member states unanimously approved the establishment of the MRF in October 2015. The Fund will primarily finance reception and transit centres. Projects aimed at facilitating the integration of migrants and refugees may also receive financing.

The CEB endowed the MRF with € 5 million and invited donors to contribute funds with a view to reaching an amount of € 20 - 25 million. 

The Bank has so far approved € 4.5 million in emergency assistance to “the former Yugoslav Republic of Macedonia” and Serbia to help them cope with the influx of migrants and refugees. 

Luxembourg, which currently holds the presidency of the Council of the European Union until December 2015, joins Cyprus, Germany, the Slovak Republic and the European Investment Bank (EIB) in pledging a contribution to the MRF.

Governor Wenzel thanked Luxembourg for its contribution and expressed his expectation that other donors would contribute funds to the MRF.

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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