InvestEU: European Commission and Council of Europe Development Bank sign agreement to mobilise €500 million in financing for social investments
The European Commission and the Council of Europe Development Bank (CEB) have signed an InvestEU guarantee agreement worth up to €159 million. This makes the CEB an InvestEU implementing partner and will mobilise around €500 million in additional loans for social projects. It represents an important milestone, as this is the first time InvestEU supports the investments of a multilateral development bank with an exclusively social mandate.
The guarantee agreement, signed yesterday in Brussels by Commissioner Paolo Gentiloni and CEB Governor Carlo Monticelli, will unlock significant investments under the InvestEU “social investment and skills” and “sustainable infrastructure” windows. This includes social, affordable and student housing; education, employment, and skills; health care, long-term care and social care; as well as clean and smart urban mobility, water and wastewater services, and flood protection. The portfolio of projects covered by this InvestEU guarantee will also support cross-cutting objectives such as gender equality and the social and economic inclusion of vulnerable groups, including persons with disabilities. The first operations under the agreement are expected to be approved over the course of 2023.
InvestEU provides an EU budgetary guarantee to implementing partners to increase their risk-taking capacity and therefore contributes to mobilising public and private investment for the EU's policy priorities.
Commissioner for the Economy, Paolo Gentiloni, yesterday said:
“InvestEU is set to play an important role in mobilising the investments needed to achieve the EU's broader objectives over the coming years. And we have no more important objective than building a strong social Europe. I am delighted that as of today we have the Council of Europe Development Bank as an InvestEU implementing partner, specifically for social investments.”
The CEB´s Governor, Carlo Monticelli yesterday said:
“By combining the EU guarantee with the CEB´s financing and expertise, we will become even more effective partners of our member countries in their response to today's daunting social challenges. This important agreement will strengthen our long-standing cooperation with the European Commission and is recognition of the CEB's strategic role in promoting social cohesion in Europe.”
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