Spain donates €3.5 million to the CEB to support vulnerable populations across Europe
19 December 2017
PARIS - Spain contributed €3.5 million to two trust funds managed by the Council of Europe Development Bank (CEB) for supporting CEB activities.
Donor contributions are key to CEB operations, as they enable the Bank to support more highly social projects, particularly in countries whose capacity to finance and implement projects is uneven. Spain’s contribution of €2 million to the Spanish Social Cohesion Account (SCA) - an instrument it established in 2009 to support the Bank’s social mandate – brings the total amount in the SCA to €4 million.
The additional funds will enable the CEB to provide technical assistance to its borrowers and ensure that projects are implemented according to best practice. For instance, since 2016, thanks to a grant from the SCA, the CEB has been able to finance technical assistance for a school renovation project improving the safety and comfort of 15,000 children in Tbilisi, Georgia.
Spain also contributes €1.5 million to the Migrant and Refugee Fund (MRF), established by the CEB in 2015 to help its member countries address the migrant and refugee crisis. This brings the total amount raised for MRF to €25 million.
Through MRF the CEB has so far provided €22 million in grants to finance 18 projects benefitting migrants and refugees and their host communities. These projects are located in Albania, Croatia, Greece, Lithuania, Portugal, Serbia, Slovenia and “the former Yugoslav Republic of Macedonia.”
Spain is a member of the CEB since 1978. This latest contribution demonstrates strong backing of the Spanish authorities for the social mandate of the CEB and will enable the organisation to step up its support to vulnerable populations across Europe.Commenting on Spain’s contribution, Governor Rolf Wenzel said: “The two Spanish contributions are highly welcome as they will enable the CEB to continue to support its social investments more efficiently.”
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 positive 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.