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Spain and the CEB set up a trust account to promote social cohesion in Europe

17 September 2009

PARIS - Mrs María Jesús Fernández García, Director General of International Finance at the Spanish Ministry of Economy and Finance, and Mr. Raphaël Alomar, Governor of the CEB, in the presence of Vice-Governor Apolonio Ruiz-Ligero, today signed an agreement concerning the creation of a trust account entitled "Spanish Social Cohesion Account".

Spain is to endow the account with 2 million euros, notably for the purpose of financing technical assistance in favour of the CEB’s projects, mainly in the 21 Central and South Eastern European countries that comprise its target group. This account will thus give the Bank additional means with which to accompany its borrowers in the preparation and implementation phases of their projects. In all, it will contribute to further enhancing the added social value of the CEB’s action. 

In order to facilitate the management of this trust account, an expert in such matters is to be seconded to the Bank by the Spanish Government for an initial period of one year.