News

Project approvals

14 June 2008

BUCHAREST - Meetings of the Executive Committee and Administrative Council on 13 June 2008 – 374 million euros worth of projects approved

Iceland
This project, with Hitaveita Suðurnesja hf (HS), concerns the extension (Phase 2) of the Reykjanes geothermal Power Plant, located in the southwest of Iceland. The resulting increase in production will be of particular benefit to the local population (20 million euros).

Latvia
This project, with Hansabanka Latvia, aims at improving the living conditions of the Latvian population by increasing access to funding and thereby encouraging investments in favour of job creation and maintenance in SMEs, infrastructures in urban and rural areas as well as protection of the environment (100 million euros).

Poland
This project, with the city of Krakow, will enable the municipality to implement its Development Strategy through the construction, extension or renovation of public infrastructure projects carried out by the region’s municipal authorities (CHF 65 million: ~ 39 millions euros).

Portugal
Two projects:
- the first, with Banco BPI S.A., is targeted to preserving the environment by promoting the production of renewable energy (wind turbines) and to financing projects for the renovation or construction of dwellings so as to provide decent housing for low-income persons (85 million euros)
- the second, with Caixa Geral de Depósitos S.A., concerns the construction and/or rehabilitation of school and university establishments as well as sports and cultural amenities throughout Portugal (100 million euros).

Spain
This project, with Micro-Bank – Banco Social de La Caixa, will provide for the financing of micro-credits for a target population (small entrepreneurs, persons setting up their own businesses, families) that has very little access to traditional lending channels (30 million euros).

Since the beginning of 2008, the Council of Europe Development Bank has approved 24 projects, for a total amount of 1 339 million euros.