The Verkhovna Rada of Ukraine has approved the draft law on the adoption of the Bank's Charter. This is a prerequisite for Ukraine to join one of the oldest and most stable financial institutions in Europe.
"After joining the Council of Europe Development Bank, we will have access to funding for the necessary social programmes, including financing of social housing projects. This bank is not a commercial institution, applies a limited margin and does not charge additional fees. This significantly reduces the final cost of loans. The Council of Europe Development Bank has already helped Ukrainians. It has financed projects to accommodate Ukrainians seeking refuge in European countries in the first months of the full-scale invasion. Since June last year, the Bank has allocated another sum worth EUR 980 million to support our citizens abroad. Joining the Council of Europe Development Bank will further integrate Ukraine into the European family and bring it closer to official membership in the European Union," commented Oleksandr Kubrakov, Deputy Prime Minister for Restoration of Ukraine, Minister for Communities, Territories and Infrastructure Development.
The Ministry for Communities, Territories and Infrastructure Development began consultations on Ukraine's membership in 2017, before the full-scale russian invasion. One of the significant obstacles had been that Ukraine's membership fee for joining the Council of Europe Development Bank was supposed to be €58 million. But later, Ukraine was offered unprecedented conditions - accession without a membership fee.
CEB and assistance to Ukrainians
Since the first day of the full-scale invasion, the Bank has been involved in practical assistance to war victims, including those displaced from Ukraine.
In the spring of 2022, the Bank had allocated EUR 5.2 million from its Migrant and Refugee Fund to support such people in various European countries.
Last summer, the Bank approved 5 new loans totalling almost EUR 1.2 billion, of which EUR 980 million were allocated to finance projects to help displaced persons from Ukraine.
The Council of Europe Development Bank (CEB) is a multilateral financial institution established in 1956 with a purely social focus. The Bank is the main instrument of the Council of Europe in the practical implementation of social solidarity and cohesion policy. In particular, the CEB has 3 key areas of work:
As of today, the Bank's members include 40 Council of Europe member states, the Holy See and Kosovo. The CEB is headquartered in Paris.