News
Miglė Tuskienė re-elected as Chair of the CEB Administrative Council
10 July 2020
PARIS – The Governing Board of the Council of Europe Development Bank (CEB) has re-elected Miglė Tuskienė as Chair of the Administrative Council. The renewed mandate is for a period of three years.
Ms Tuskienė, Lithuania’s Vice-Minister of Finance since August 2017, was initially elected as Chair of the CEB Administrative Council in December 2017. Prior to her current role in the Lithuanian Government, Ms Tuskienė held other senior positions in the Ministry of Finance and with the Permanent Representation of Lithuania to the European Union. She has a Masters in Economics from Vilnius University.
The Administrative Council of the CEB exercises the powers delegated to it by the Governing Board, establishes and supervises operational policies, approves investment projects submitted by the governments, and votes on the Bank's operating budget.
The
Governor of the CEB, Rolf Wenzel, said: “We are delighted to be able to
continue working with Ms Tuskienė. The financing made available by the CEB to
its member countries for social sector investments has already been on the rise
in recent years. Then, in early 2020, in a couple of weeks alone, the Bank
mobilised € 3 billion to help our members mitigate the impact of the COVID-19
pandemic. This is testament to the good cooperation with our governing bodies
and confirms the Bank’s increasing relevance and efforts to serve a distinctive
social mandate in Europe.”
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 (AA+ with Fitch Ratings, outlook positive, AAA with Standard & Poor's, outlook stable and Aa1 with Moody's, 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.