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Ukraine joins Council of Europe Development Bank

by The Kyiv Independent news desk June 20, 2023 6:54 PM 1 min read
Prime Minister Denys Shmyhal addresses a joint press conference at the end the 4th Summit of the Council of Europe, at the Harpa concert hall in Reykjavik, Iceland, on May 17, 2023. (Photo by HALLDOR KOLBEINS/AFP via Getty Images)
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Ukraine officially completes the process of joining the Council of Europe Development Bank (CEB), Ukraine's Finance Ministry reported on June 20.

Ukraine became Development Bank's 43rd member.

"We are confident that the membership will play an important role of Ukraine's recovery and will help us overcome the existing challenges," Finance Minister Serhii Marchenko said.

He added that joining the Council of Europe Development Bank is another step towards Ukraine's integration into the EU.

The bank's cooperation with Ukraine is one of the goals of the CEB’s Strategic Framework 2023-2027.

The key areas of cooperation will be healthcare and housing for Ukrainian citizens.

“Integrating millions of refugees and managing the impact of temporary displacement will require sustained investment,“ the Strategic Framework says.

"Ukraine's accession to the CEB is a testament to Ukraine's confidence in the bank and its ability to support the country in its recovery, reconstruction and long-term social development," said Development Bank's Governor Carlo Monticelli.

The CEB is already helping Ukraine. In the spring of 2022, the bank allocated 5.2 millions euros from its own Migrants and Refugees Fund to support Ukrainians fleeing war in various European countries.

In the summer of 2022, the bank approved five new loans totalling almost 1.2 billion euros, of which 980 millions were allocated to finance projects to help displaced persons from Ukraine.

Ukraine's membership in the CEB happened less than a year after the country officially applied in June 2022.

The CEB's original aim was to help refugees and other displaced persons after the Second World War, later it expanded to include assistance to disaster victims, help with job creation, and improve social infrastructure.

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