News
Slovak Republic establishes inclusive growth fiduciary account at the CEB
17 November 2016
Paris – Today the Administrative Council of the Council of Europe Development Bank (CEB) approved the fiduciary account set up by the Slovak Republic, named “Slovak Inclusive Growth Account” (SIGA), the purpose of which is to promote sustainable development.
The SIGA, which the Slovak Republic endowed with a grant of € 2 million, is aimed at supporting inclusive growth and environmental sustainability, which are among the CEB’s main lines of action.
More specifically, the SIGA will finance technical assistance, which is key to ensuring the high quality of CEB projects. SIGA funds will be used to finance activities related to the preparation and implementation of projects, such as feasibility studies, environmental and social impact assessments, business plans, tender documentations, contractual arrangements, and advisory services.
The focus will be on projects in CEB target countries, particularly Official Development Assistance (ODA) eligible countries, which have increased needs in terms of technical assistance. In exceptional cases, SIGA funds may be used for high-impact social projects in non-target countries.
Commenting on the establishment of the new fiduciary account, Governor Wenzel said: “The CEB is grateful to the Slovak Republic for establishing this fiduciary account, which demonstrates the country’s firm commitment to the promotion of sustainable development and the principle of solidarity. We look forward to working closely with the Slovak Republic to support inclusive growth in Europe, which is an integral part of the Bank’s social mandate.”
The details concerning the management of SIGA funds will be spelt out in an agreement between the Bank and the Slovak Republic, set to be signed in the coming weeks.
The Slovak Republic, a CEB member since 1998, has also contributed € 300 000 to the CEB’s Migrant and Refugee Fund (MRF), which was established in October 2015.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 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, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch 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.