Ministry of Finance of Ukraine and staff of the Council of Europe Development Bank discussed in Kyiv operational cooperation for recovery and reconstruction

Today, on 29 August, Deputy Minister of Finance Olga Zykova met with Head of the Grant Operations and New Instruments Division Jasmina Glisovic, and Ukraine Country Manager of the Council of Europe Development Bank (CEB) Diana Bertje.

The parties discussed the current state of operational cooperation between Ukraine and CEB and potential areas for joint projects, especially in social sectors—such as healthcare, housing and education—where the expertise of the Bank lies.

"I am firmly convinced that cooperating with the CEB will significantly enhance Ukraine’s rapid recovery, reconstruction, and long-term social development. Beyond adopting the Bank's successful experience in housing programs and financing mechanisms within Ukraine, we express gratitude to the CEB for their commitment to co-finance projects, notably in the healthcare sector, like the World Bank’s Ukraine Health Enhancement and Lifesaving (HEAL) project", said Olga Zykova.

“On our first day in Kyiv, we were delighted to hold a productive exchange of views with Deputy Minister of Finance of Ukraine Olga Zykova on how the Bank can play an active role in Ukraine’s recovery and reconstruction, now that the country is a full-fledged member of the CEB”, said Jasmina Glisovic.

Discussing the deepening of Ukraine's cooperation with the Bank, the Deputy Minister of Finance noted that as a result of russia's aggression against Ukraine, most social sectors of the country’s economy need urgent support. That is why the Ministry of Finance of Ukraine welcomes the CEB's initiatives to develop cooperation.

The parties also discussed the intention to initiate new joint projects in the field of housing and communal services in the near future.

Additional information

On 15 June 2023, Ukraine completed the accession process and became the 43rd member state of the Council of Europe Development Bank (CEB). The Bank’s cooperation with Ukraine is one of the goals of the CEB’s Strategic Framework for 2023-2027. The key areas of cooperation will focus on meeting Ukraine's priority healthcare needs and implementing the state housing policy, including the provision of housing for Ukrainian citizens. Ukraine’s accession took place less than a year after the country formally applied for membership in June 2022.

About the CEB

The 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.