NRW.BANK and CEB sign a loan to finance accommodation for refugees

4 July 2023

PARIS/DUSSELDORF – The Council of Europe Development Bank (CEB) and NRW.BANK signed today a €200 million loan agreement to jointly finance construction and modernisation of accommodation for refugees in North Rhine-Westphalia, the federal state hosting the highest number of refugees in Germany. 

The CEB’s loan will co-finance investments from NRW.BANK of up to €400 million, which will be channelled to municipalities in North Rhine-Westphalia at particularly favourable rates.

“Accommodating refugees is a major challenge for the local authorities in North Rhine-Westphalia. As a close and reliable partner of the cities and municipalities, NRW.BANK is committed to supporting them in this endeavour,” said Eckhard Forst, Chairman of the Managing Board of NRW.BANK. “The global loan helps local authorities to finance accommodation facilities.”

“Supporting those who have had to leave their homes is at the core of the CEB’s historic mandate,” said CEB Governor Carlo Monticelli. “Against the backdrop of Russia’s ongoing aggression in Ukraine it is a strategic priority for us to work with reliable partners like NRW.BANK to assist communities who welcome those who seek refuge, now and in the future.”

NRW.BANK and CEB have been cooperating successfully on promoting social investment since 2009. Past examples include joint financing of the NRW.BANK Gute Schule education programme and several social housing operations.
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NRW.BANK is the promotional bank of North Rhine-Westphalia (NRW). Its mission is to support its owner – the state of North Rhine-Westphalia – in the completion of its structural and economic policy tasks. In its three promotional fields “Economy”, “Housing” and “Infrastructure/Municipalities”, NRW.BANK uses a wide range of promotion tools – from low-interest promotion loans to equity financing to advisory services. It cooperates with all banks and savings banks based in NRW on a competition-neutral basis. NRW.BANK takes into account the existing offers by the Federal Government, the North Rhine-Westphalian government and the European Union in the arrangement of its promotion.

About the CEB

The Council of Europe Development Bank (CEB) is a multilateral development bank whose unique mission is to promote social cohesion throughout 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.

The CEB has 43 member states. It was established originally as a refugee fund in 1956 by eight of the 15 member states that made up the Council of Europe at the time. The CEB is Europe’s oldest multilateral development bank, and is legally and financially separate from the Council of Europe.