Carlo Monticelli, Governor of the Council of Europe Development Bank (CEB), led a delegation on a two-day visit to Ukraine to take stock of ongoing investments financed by the CEB in the country and to deepen collaboration with Ukrainian authorities. This was Governor Monticelli’s first trip to Ukraine since the country joined the CEB in June 2023, underscoring the Bank’s ongoing commitment to addressing the country’s urgent social needs.
Under its current Strategic Framework, the CEB is poised to invest €1.2 billion in social investments in Ukraine by end 2027. To date, the Bank has approved €200 million in loans to bolster critical sectors, including housing and healthcare access.
Following the signing of two loan agreements at the Ukraine Recovery Conference in Berlin this past June, the CEB has already disbursed €70 million towards the HOME project, which aims to rehouse those who lost their homes in the war and is likely to benefit over 2,000 families. The first disbursement in the amount of €10 million on the HEAL project is expected next week.
Over two days Governor Monticelli engaged in high-level discussions with key officials, emphasising the fruitful partnership between Ukraine and the CEB. In a meeting with Prime Minister of Ukraine Denys Shmyhal, the discussion focused on the tangible outcomes already achieved in delivering high-priority social investments that benefit the Ukrainian population.
Governor Monticelli extended his congratulations to Oleksiy Kuleba on his recent appointment as Deputy Prime Minister of Ukraine and praised the Ministry of Infrastructure for working closely and proactively with the Bank to advance the HOME project.
In a productive dialogue with Finance Minister Sergii Marchenko, Governor Monticelli acknowledged the significant achievements made in the first year of cooperation. In addition to advancing current projects in Ukraine, Minister Marchenko and the Governor explored new areas of collaboration such as supporting internally displaced persons and creating jobs through microfinance projects
Additionally, Governor Monticelli met with Health Minister Viktor Liashko to discuss the swift and effective implementation of the HEAL project, whose objective is to restore and improve access to essential healthcare services, expanding in particular those related to mental health.
“Our solidarity with Ukraine remains unwavering, even more so after having witnessed firsthand the strength of the Ukrainian people and the dedication the authorities,” said Governor Monticelli. “I look forward to continuing our collaborative efforts to support Ukraine, contributing to the country’s recovery and social development.”
As the Europe’s social development bank, the CEB is well positioned to assist Ukraine in meeting its critical social needs during these challenging times.
The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.
