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CEB approves new loans to support social projects, reaches €4 billion in project approvals for 2019

21 November 2019

PARIS – Today the Administrative Council of the Council of Europe Development Bank (CEB) approved eight new project loans totalling €405 million. These approvals bring the total amount approved so far this year to €4 billion.

Bosnia and Herzegovina: a €10 million loan to ProCredit Bank Bosnia and Herzegovina to promote job creation and economic growth by supporting small and medium-sized enterprises (SMEs) in the country. The funds provided by the CEB will channel financing to SMEs for the acquisition of productive fixed assets and the construction or extension of business premises.

Estonia: a €25 million loan to North Estonia Medical Centre to improve the quality of psychiatric care services provided by the country’s largest hospital. The CEB loan will have a positive impact on the patients of the hospital’s Psychiatric Clinic, who will benefit from improved access to psychiatric care.

Republic of Moldova: a €10 million loan to ProCredit Bank Moldova to boost job creation and economic growth by supporting SMEs throughout the country. The CEB loan will be channelled through to SMEs to provide them with access to financing for their productive investments.

Montenegro: a €10 million loan to the Government to finance the construction of new pre-school units. It is estimated that close to 1,700 children will directly benefit by gaining access to modern facilities and an improved learning environment.

Moreover, an additional €10 million to the Government of Montenegro to provide housing for some 500 low- to medium-income households which have no access to housing in the existing market conditions.

Serbia: a €40 million loan to the Government to finance the renovation of central government buildings in Belgrade. The upgrading of facilities includes energy efficiency improvements, which will reduce greenhouse gas emissions and contribute to climate change mitigation, providing improved working conditions for about 7,000 government employees.

In addition, a €200 million loan to the Government to finance priority investments in the water sector. The funds provided by the CEB will enhance the quantity and quality of water resources by reducing the pollution load of waste water and increasing the efficiency of water supply. Close to 2 million persons will benefit from the programme.

Turkey:a €100 million loan to the Government in order to support further the City of Istanbul’s efforts to build resilience to earthquakes. The CEB funds will finance the reconstruction of state schools and health facilities, benefiting millions of Istanbul inhabitants who live under the continuous threat of a devastating earthquake.

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 (AA+ with Fitch Ratings, outlook positive, AAA with Standard & Poor's, outlook stable and Aa1 with Moody's, 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.