New €50 million CEB loan to further strengthen Genoa’s natural disaster resilience

14 September 2023

Genoa, 14 September – Mayor of Genoa Marco Bucci and Council of Europe Development Bank (CEB) Governor Carlo Monticelli signed a €50 million loan agreement at Palazzo Tursi this morning.  The city will use the CEB funds to invest in hydrogeological risk prevention and management, urban redevelopment and upgrading of municipal buildings, with a special focus on schools, accessibility and infrastructure.

The project will complement the resources made available to Genoa by Next Generation EU (mainly the National Recovery and Resilience Facility-PNRR).

"The partnership between Genoa and the CEB is a long-standing one and, since 2019, it has already made it possible to achieve ambitious objectives, in particular with regard to the capacity to respond to natural disasters," says the Mayor of Genoa Marco Bucci, "We live in a wonderful territory and every action we take must be aimed at creating an increasingly safe city for citizens, also thanks to the support of international institutions such as the Council of Europe Development Bank. The agreement we signed this morning provides a significant financial injection that will allow not only a further implementation of hydrogeological risk management, but also infrastructural interventions that will complement the ambitious work we are carrying out for the growth of Genoa".

Governor Carlo Monticelli commented: "The CEB is supporting cities and regions across Europe as a reliable partner for the implementation of strategic interventions aimed at promoting sustainable and inclusive growth, in a context where local governments are facing increasingly complex challenges. The signing of this new loan agreement further strengthens CEB support to the Municipality of Genoa, confirming the well-established cooperation between our two institutions for investments that do not only improve the safety and quality of life of its citizens, but also contribute to strengthening the city's economic development. Our previous experience with Genoa showed that CEB funds are spent effectively, rigorously, and speedily for relevant public investments generating social impact—the central element of our  mandate."

The CEB’s added value lies in the support provided to fill the financial needs of the city of Genoa, making available long-term financing for municipal investments needed to address the challenges address the city's main vulnerabilities, such as its high exposure to climate-related risks (floods, landslides and heat waves) and demographic trends, especially on projects targeting young and elderly people.

The new CEB loan is consistent with the city's strategic development plan ('Genoa City Strategic Development Plan 2021') and the municipal urban plan (PUC).

It builds on the successful partnership developed with the city for the implementation of a previous loan, approved in 2019, which co-financed municipal investments in the period 2019-2021.

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.