The Council of Europe Development Bank approves the first joint healthcare project with Ukraine worth EUR 100 million
On 16-17 November, Deputy Minister of Finance of Ukraine Olga Zykova is participating in the meeting of the Administrative Council of the Council of Europe's Development Bank (CEB), as the newly appointed representative of Ukraine. The event was held in Paris, France.
Within the framework of the meeting, Ukraine and the CEB approved the first joint project of concessional loan financing in the healthcare sector under the Public Sector Financing Facility (PFF), in the amount of EUR 100 million.
The concessional financing of the Project will be used to implement a set of urgent measures aimed at supporting the restoration of a stable healthcare system. In particular, it will help to restore and modernise the network of medical facilities in the de-occupied territories of Ukraine that were destroyed or damaged as a result of hostilities.
The program is a part of the USD 500 million Health Enhancement and Life-Saving (HEAL) project developed by the World Bank and will be implemented on a co-financing basis with the CEB.
In the speech at the meeting of the Administrative Council, the Deputy Minister of Finance of Ukraine thanked the Bank's leadership for their support and solidarity with Ukraine in the changing times of confronting the full-scale russian invasion.
"The reconstruction of healthcare facilities is of vital importance for our people, especially in the context of russia's full-scale armed aggression, when a large number of such facilities were destroyed or damaged. The project will expand the range and access to healthcare services, including mental health and rehabilitation, and improve their efficiency and quality. I would like to express our full and sincere gratitude to the CEB for welcoming Ukraine among its members and taking this first step towards implementing a socially important project in the healthcare sector. Joining the Bank and having direct representation on the Administrative Council will allow Ukraine to effectively benefit from the Bank's experience and resources for the fastest possible recovery. This is another step on the path of Ukraine's further integration into the EU," Olga Zykova said.
Also, during her working visit to France, Olga Zykova met with the Governor of the CEB, Carlo Monticelli, to discuss the start of cooperation with the Bank, discuss implementation of the first joint project, as well as plans and prospects for recovery.
“I am delighted to welcome Deputy Minister Olga Zykova at the CEB for her first in-person meeting in our Administrative Council. Today marks a significant milestone in our cooperation with the Ukraine authorities for the country’s reconstruction. Our first loan to the Ministry of Health focuses on restoring and improving access to essential health services, including mental health, and represents an important step toward a resilient recovery for the people of Ukraine,” said CEB Governor Carlo Monticelli.
Since summer of 2022, the CEB and the Ministry of Finance held a series of discussions on priority areas of cooperation, which resulted in the identification of healthcare as a priority, given the Bank's longstanding and comprehensive experience in implementing socially important projects.
Additional Information
The Council of Europe Development Bank (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.
Ukraine's membership in the CEB came less than a year after the country officially applied for membership in June 2022. In June 2023, Ukraine completed the accession process and became the 43rd member state of the Council of Europe Development Bank.
On 7 November, Deputy Minister of Finance of Ukraine Olga Zykova was appointed as the representative of Ukraine to the Administrative Council of the CEB by the President of Ukraine.
The CEB Administrative Council has a number of responsibilities, including determining the conditions under which Council of Europe member states become members of the Bank, setting conditions for European states that are not members of the Council of Europe and international institutions with a European orientation to become members of the Bank and to suspend the membership of states, etc.