CEB Administrative Council approved five new loans worth € 528 million for projects in Montenegro, Poland, Slovak Republic and Turkey

Paris, 24-3-2014 — /EuropaWire/ — Today (20 March 2014), at its 287th meeting, the Administrative Council of the CEB approved five new loans worth € 528 million entirely for target group countries.

Montenegro – € 8 million to Société Générale Montenegro, specialising in the financing of micro, small and medium-sized enterprises, which generate jobs and boost economic growth. CEB funds will be used to finance the investments of manufacturing firms, particularly those focused on exports.

Poland – € 70 million to Raiffeisen Bank Polska S.A. and € 50 million to PKO Leasing S.A. to finance the investments of Polish micro, small and medium-sized enterprises (MSMEs), whose limited access to capital remains a major obstacle to development. The CEB support will help them to promote job creation, entrepreneurship and economic growth.

Slovak Republic – € 150 million euros to the Government to establish a Public Sector Finance Facility (PFF) for the renovation of social housing and the construction of primary and higher education institutions. This is the first time that such a tool is used, following a consensus reached by the three Ministries concerned, in order to ensure the continuous financing of investment in housing
and education.

Turkey – € 250 million to the Government to finance an earthquake risk reduction and emergency preparedness project in Istanbul. The programme was launched in the event that a major earthquake hits the city in the coming decades. It involves the reconstruction and upgrading of priority public
buildings, especially schools and student residences.

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 (Aaa with Moody’s, outlook negative, 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.

###

Comments are closed.