New agreements signed with Ireland and the Czech Republic
Strasbourg – On the margins of the Governing Board meeting, the Council of Europe Development Bank (CEB) signed two contribution agreements with Ireland and the Czech Republic totaling more than €1 million.
Governor Carlo Monticelli and Ambassador Breifne O’Reilly, Permanent Representative of Ireland to the Council of Europe, signed an agreement to endow the newly-established Ukraine Solidarity Fund with €1 million in funding.
Championed by the Irish authorities during CEB’s 2022 Joint Meeting in Dublin, the Ukraine Solidarity Fund will address social needs created by the war, such as emergency assistance, resettlement and integration of displaced persons and, in time, the reconstruction of social infrastructure.
Given the high number of internally displaced persons and the equally large number of Ukrainian who have fled their country, the Fund will support projects in both Ukraine – once it becomes member of the CEB – and other countries hosting refugees from Ukraine.
Ireland’s Minister for Finance and President of Eurogroup Paschal Donohoe has welcomed the signing of the contribution agreement between Ireland and the CEB.
Minister Donohoe noted: “I want to thank Governor Monticelli for the decisive role the CEB has taken in supporting those displaced by the war in Ukraine. I am hopeful that this specially established donor fund will act as a catalyst for other donors to come forward and make contributions which will significantly assist the Bank’s role in this regard, and when the time is right, that it will be used to support the reconstruction of vital infrastructure in Ukraine.”
Additionally, Governor Monticelli and Ambassador Petr Válek, Permanent Representative of the Czech Republic to the Council of Europe, signed an agreement for a CZK700 000 contribution (approximately €29 000) to the CEB’s Green Social Investment Fund (GSIF).
This is the Czech Republic’s second contribution to GSIF, which was set up by the CEB to help implement climate-resilient social development in member countries: in 2021, the Czech Republic contributed CZK1.2 million to the Fund.
“We welcome the contributions from Ireland and the Czech Republic as a strong signal of shareholders’ continued support and confidence in our operations,” Governor Monticelli said.
“Europe is in the grip of overlapping crises, brought on by the war in Ukraine on the heels of fragile COVID-19 pandemic recovery. These multiple challenges are exacerbated by the global climate emergency, which disproportionately affects those who are poor and vulnerable. Today’s contributions from Ireland and the Czech Republic recognise the urgency of the CEB’s unique mission to safeguard social investments for the benefit of all,” the Governor emphasised.