Council of Europe Development Bank (CEB) is a multilateral bank with a social purpose. Created in 1956 to provide assistance to solve the refugee problem, its scope has gradually extended to other sectors to contribute in an ever more effective way in strengthening social cohesion in Europe.
CEB was established on the basis of a Partial Agreement between the Member States of the Council of Europe, but it enjoys an independent legal status and complete financial autonomy.
Formerly known as the “Fund for Social Development of the Council of Europe”, from 1st November 1999 the new name is “Development Bank of the Council of Europe” and its acronym “CEB”.
It currently has 41 Member States, France, Italy and Germany being the so-called “major contributors”, each with a percentage of budget shares of 16.73%. Since the vote of the governing bodies is primarily based on the percentage of shares, these Countries can usually count on a position of Governor or Deputy Governor. At its 229th meeting held today by videoconferencing, the Governing Board of the Council of Europe Development Bank (CEB) appointed Mr Carlo Monticelli to the post of Governor, effective from 18 December 2021 for a five-year mandate. Mr Monticelli, an Italian national, has been serving as CEB Vice-Governor for Financial Strategy since November 2015.
The CEB is a key instrument of the policy of European solidarity, which aims to help its Member States to achieve a sustainable and equitable growth, contributing to the realization of investment projects through three lines of action, such as: strengthening social integration, environmental management and support for public social infrastructure.
The CEB has based its activities on its own funds and reserves and receives by Member States no aid or grants. CEB does not directly fund individuals.
The organization, administration and control of the Bank are provided by the following organizations:
Governing Board: composed by a President and by the Permanent Representatives of Member States, it determines the policy lines of the Bank, the general guidelines and defines the conditions of accession of other Countries. It decides on capital increases, approves the annual report, accounts and general budget of the Bank.
Governor: he is the legal representative of the Bank. Under the supervision of the Administrative Council, he leads the financial policy of the Bank, he represents the Bank in all transactions and is the head of operational services and staff.
Administrative Council: it is the operational body that deals with intervention programs, especially for the so called target Countries (22 countries, mainly belonging to Central, Eastern and South-Eastern Europe). It is composed of a President and one representative per Member State. The Council shall exercise the powers delegated by the Governing Board, implement and monitor operational policies, approve investment projects submitted by governments and vote the operating budget of the Bank. Its President is elected by the Governing Board.