The Council of Europe Development Bank (CEB) has approved a € 300 million loan to Italy to finance health expenditure associated with the COVID-19 pandemic.
In a decree issued on 23 March 2020, Italy defined a set of extraordinary immediate term measures aimed at managing the COVID-19 pandemic, with a focus on emergency management and ensuring business continuity for public and private sectors. The package includes a € 1.6 billion refinancing of the Emergency Fund available for the Department of Civil Protection (DCP). The DCP is responsible for coordinating emergency operations throughout Italy, including through the provision of active support to regions and local authorities so that they can deliver adequate healthcare and social services and maintain the safety and security of their people.
The loan provided by the CEB will contribute to the financing of the Emergency Fund and of COVID-19-related measures as well as extraordinary expenditures incurred by the DCP. This will include the operation and maintenance of healthcare systems throughout Italy and the acquisition of healthcare equipment and consumables. It may also cover costs associated with the construction and conversion of temporary emergency facilities and the employment of temporary medical staff.
CEB Governor Rolf Wenzel said: “The COVID-19 pandemic has been putting a lot of strain on the health systems of CEB member countries. In response to this situation, the CEB adapted its procedures and has been swiftly approving financial support for its members, particularly those most affected by the pandemic. The financing approved for Italy is a testament to this commitment. Additional support may be made available in the coming months so that the loss of human life and the socio-economic impact of COVID-19 are further limited".
Italy is a founding member of the CEB. To date, the Bank has provided more than € 6 billion in financing for a wide range of social investments, from education and various other municipal infrastructure improvements, including earthquake and flood protection. In addition, Italy is a key contributor of grant resources to the Bank’s trust funds. More information can be found here.
