Marinela Petrova elected as new Chair of CEB Governing Board

10 December 2020

PARIS - The Governing Board of the Council of Europe Development Bank (CEB) today elected Ms Marinela Petrova as its new Chairperson.

Her three-year term will begin on 18 December 2020. Commenting on Ms Marinela Petrova’s election, CEB Governor Rolf Wenzel said: “I look forward to an open and fruitful cooperation with Ms Marinela Petrova. I have no doubt that the Governing Board, under its new Chair, will continue to support the Bank’s activities, which is of critical importance when it comes to helping CEB members cope with the challenges of the COVID-19 pandemic.” And he continued: “I also wish to thank the outgoing Chair, Mr Dominique Lamiot, for his support during his two terms in office and his important contribution to the functioning of our institution over these past six years.”

Ms Marinela Petrova, a Bulgarian national, has more than ten years of experience in the finance sector and is closely involved in the preparation of Economic and Monetary Union membership of Bulgaria. She is currently the Deputy Minister of Finance and represents Bulgaria in several international financial institutions’ governing bodies.

The Governing Board is the supreme organ of the Bank. It sets out the general orientations for the Bank’s activity, lays down the conditions for Bank membership by other states, decides on capital increases, and approves the annual report, the accounts and the Bank’s general balance sheet. It elects its own Chairperson and the Chairperson of the Administrative Council (the other collegial organ of the CEB) and appoints the Governor and the members of the Auditing Board.

With the Administrative Council being chaired by Ms Miglė Tuskienė, Lithuania’s Vice-Minister of Finance, both collegial organs are now chaired by women.

Set up in 1956, the CEB (Council of Europe Development Bank) has 42 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, AAA with Standard & Poor's, outlook stable, AA+ with Fitch Ratings, outlook stable and AAA* with Scope 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.