Finland signed cooperation agreement with the Council of Europe Development Bank

Minister Jan-Erik Enestam signed on Thursday, 14 June, a cooperation agreement with the Council of Europe Development Bank (CEB) on Finland’s behalf. The agreement aims to promote social development in the three Baltic states, particularly in Latvia and Lithuania. One of the targets of the cooperation agreement is the alleviation of the social effects, such as unemployment, resulting form the closure of the Ignalina nuclear power station in Lithuania by promoting women’s entrepreneurship and other projects.

Finland is the first member state of the Council of Europe which will open an account for technical assistance with the bank. The CEB has high hopes for Finland’s opening and it is envisaged that the Finnish example could prompt other members to adopt the new financial set-up.

“Cooperation serves Finnish strategic objectives within its policy on the neighbouring areas to increase joint projects with international financial institutions”, said Minister Enestam. “At the same time, Finland can add its influence over the various projects within the EU’s Northern Dimension programme in areas where the Development Bank is involved.”

The Council of Europe Development Bank is a multilateral development bank established in 1956 with 35 member states and contributing to improving living conditions in Europe. Finland became a member in 1991. The head office is in Paris. Last year the CEB disbursed FIM 12 billion in loans to its member states and financial institutions. The Bank, with AAA credit rating, borrows on the international money markets by means of public issues and private investments. Dr Kari Nars is the chairman of the governing board and the governor of the CEB is Mr Raphaël Alomar.

More information: Markku Kauppinen, head of unit at the Finnish Ministry for Foreign Affairs, tel: 09 - 1341 5625.

Council of Europe Development Bank(Link to another website.)