The Council of Europe Development Bank (CEB) issued a new € 1 billion seven-year Social Inclusion Bond (SIB) to bolster its response to the social crisis unfolding due to the war in Ukraine and help its member states assist millions of refugees seeking safety.
The proceeds of the new bond could be used, in part or in full, by the CEB member countries to support the longer-term needs of refugees and their host communities. Echoing its timely response to the COVID-19 pandemic the CEB is already working closely with its most impacted members to identify the areas of greatest need.
In parallel, the CEB has been the first multilateral development bank to disburse grants to help its members to meet the immediate needs of Ukrainian refugees: transport, shelter, food, and medical care.
🔴We issued a new #socialinclusion bond to bolster our response to #Ukraine refugee crisis. The proceeds of the 1 billion bond can be used, in part or fully, by our member countries to support long-term needs of #refugees and their host communities➡️https://t.co/C5Zh9fAXwq pic.twitter.com/0WBxWlAK80
— CEB➡️Social development bank for Europe (@COEbanknews) April 7, 2022
“The CEB was created 65 years ago to address population displacements in Europe. This mission, which remains at the core of our mandate in these critical times, combines with our long-standing experience to make the CEB one of the international financial institutions best placed to tackle the Ukrainian refugee crisis,” said CEB Governor Carlo Monticelli.
“Credit Agricole Group is very proud to support the new Council of Europe Development Bank’s Social Inclusion Bond that aims to provide financial assistance to its member states hosting a large inflow of refugees,” said Laurent Cote, Global Head of Treasury at Credit Agricole Group. “This investment in the liquidity portfolios is in line with the Credit Agricole Group’s objectives of supporting populations affected by conflicts or disasters and ESG support.”
“AG2R LA MONDIALE is very pleased to have invested in this new seven-year Social Inclusion Bond which perfectly fits our ESG mandates,” commented Stephan Casahoursat, Head of Fixed Income Investment at AG2R LA MONDIALE.
In line with CEB’s updated Social Inclusion Bond Framework, proceeds of the newly issued bond can finance projects in one or several sectors of action: social housing for low-income persons, education and vocational training, health and social care, and support to MSMEs for the creation and preservation of jobs.
The proceeds will be placed in CEB’s treasury and allocated to a portfolio of existing or new eligible social loans within 24 months. As per its usual practice, the Bank will publish an impact report within a year.
See also: 🔴 LIVE UPDATES | Humanitarian response to Ukraine crisis
