Minister Coveney and Minister Byrne welcome Council of Europe Development Bank Governor to Dublin

Minister for Foreign Affairs Simon Coveney and Minister for European Affairs Thomas Byrne have both welcomed the Governor of the Council of Europe Development Bank (CEB), Mr Carlo Monticelli, to Dublin.

The Governing Board and Administrative Council of the CEB convene in Dublin this Friday, the first time a major International Financial Institution has ever held its annual meeting in Ireland. A multilateral development bank with an exclusively social mandate, the CEB finances social projects across the European continent. Ukraine is one of the few European states not currently a member; however, with the support of Ireland, the country’s application to join is set to be approved this week, enabling the CEB to play an important role in reconstruction.

In Ireland, the Bank has financed a wide range of housing and social sustainability projects, including the Limerick Regeneration Programme and Cork County Council’s Social Sustainability Investment Programme.

Speaking after his meeting with Governor Monticelli, Minister Coveney said:

"I was delighted to welcome Governor Monticelli to Ireland ahead of this historic meeting. We discussed the extensive work the Bank is doing to assist member states in welcoming Ukrainian refugees, having already disbursed over €1 billion in loans and grants to Poland, Moldova and others. Ireland strongly supports Ukraine’s application for membership of the CEB, which we believe has an important role to play in the country’s recovery. As Presidency of the Council of Europe, Ireland aims to redouble the institution’s support for Ukraine; advancing its CEB application in Dublin this week is an important step in delivering on that objective."

Minister Byrne added:

"It was a pleasure to be able to recognise the important contributions the CEB has made to Irish society, including through loans for projects by Cork County Council, Limerick City and County Council, and the Housing Finance Agency (HFA). The recent loan of €75 million to the HFA for purpose-built student accommodation is a welcome example of the CEB’s impact."

Governor Monticelli’s visit continues with a meeting with Minister for Finance Paschal Donohoe. The Governor will also address the Institute for International Affairs in a talk entitled ‘Council of Europe Development Bank: Supporting Social Cohesion During Extraordinary Times’.

Notes

The CEB is a multilateral development bank with an exclusively social mandate, set up in 1956. It finances social projects in its 42 member states, all of which are members of the Council of Europe.

The CEB was the first Multilateral Development Bank to disburse grants providing immediate assistance to people fleeing Ukraine and their host countries. In June 2022 the CEB approved €1.2 billion in loans to assist Ukrainian refugees, including its largest-ever loan, a €450 million loan to provide aid to displaced people from Ukraine in Poland. More information on CEB support in Ukraine is available at https://coebank.org/en/project-financing/ukraine/

Since the start of the war, Ukraine has applied to become a member of the CEB and the Governing Board are expected to approve this application for membership at the Joint Annual Meeting in Dublin.

he Joint Meeting will feature a visit to social housing project for elderly people funded by the CEB in Dublin on 9 July. More information on CEB support for Ireland is available at https://coebank.org/en/about/member-countries/ireland/

The Joint Annual meeting will bring together the Bank’s Governing Board, which consists of the Permanent Representatives of each member state to the Council of Europe, and the Administrative Council, which consists of civil service representatives, typically from Ministries of Finance.