Council of Europe Bank and European Commission sign agreement to mobilise €500 million

CoE/European Commission and the Council of Europe Development Bank (CEB)

The European Commission and the Council of Europe Development Bank (CEB) have signed an InvestEU guarantee agreement worth up to €159 million. This makes the CEB an InvestEU implementing partner and will mobilise around €500 million in additional loans for social projects. It represents an important milestone, as this is the first time InvestEU supports the investments of a multilateral development bank with an exclusively social mandate.

The CEB´s Governor, Carlo Monticelli said: “By combining the EU guarantee with the CEB´s financing and expertise, we will become even more effective partners of our member countries in their response to today’s daunting social challenges. This important agreement will strengthen our long-standing cooperation with the European Commission and is recognition of the CEB’s strategic role in promoting social cohesion in Europe.”

The Commissioner for the Economy, Paolo Gentiloni, said: “InvestEU is set to play an important role in mobilising the investments needed to achieve the EU’s broader objectives over the coming years. And we have no more important objective than building a strong social Europe. I am delighted that as of today we have the Council of Europe Development Bank as an InvestEU implementing partner, specifically for social investments.”

The InvestEU programme will provide the EU with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It will also help mobilise private investments for the EU’s policy priorities, such as the European Green Deal and the digital transition.

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.