CEB and Autonomous Community of Madrid sign €100 million loan to support social projects

• Today CEB Governor Monticelli met with Regional Minister for the Economy, Finance and Employment, Rocio Albert, during his first visit to Spain since he was appointed.
• The regional government and CEB have signed a new €100 million loan to fund social care expenditures in the region.
• The Autonomous Community of Madrid has a longstanding collaboration with the CEB and was the first European region to receive the support of the multilateral development bank to finance healthcare spending during the COVID-19 pandemic.

The Autonomous Community of Madrid has once again received the backing of the Council of Europe Development Bank (CEB) to finance social care expenditure through a loan of €100 million, furthering an already close collaboration between the two institutions.

This has been highlighted by the Regional Minister for Economy, Finance and Employment, Rocio Albert, and the CEB Governor, Carlo Monticelli, during the meeting they held today at the headquarters of the Regional Ministry on the occasion of the Governor's first trip to Spain since his appointment as the head of the oldest European multilateral development bank in 2021.

"The Autonomous Community of Madrid would like to thank the CEB for its trust and support in this new project, whose favourable financing terms are a strong testament to the stability and credibility of our region. Our institutions are engaged in a longstanding positive collaboration and share common objectives for the realisation of projects that contribute to improving people's lives," said Regional Minister Rocio Albert.

"I am delighted to be in Madrid today for the first time since becoming Governor of the CEB, and I am particularly pleased to highlight the very successful partnership with the Autonomous Community of Madrid. We welcome this new opportunity to finance social projects through a loan of €100 million and look forward to continue strengthening our cooperation in the future," said CEB Governor Carlo Monticelli.

This new loan operation is part of the Region's Sustainable Financing Framework, and the funds will be used to finance social care projects. This is the fifth loan approved by the CEB to Madrid's regional government for the implementation of actions in support of social policies, education or health since 2018, accounting for an overall amount of €900 million.

In April 2020, Madrid became the first European region to obtain financing from the CEB to address the crisis caused by COVID-19.

MADRID, A PIONEER IN FINANCING SOCIAL PROJECTS

The new agreement with the CEB is another step in the regional government's commitment to diversify its sources of financing for its social projects. In fact, in 2016, the Community of Madrid was already the first Spanish public administration to issue sustainable bonds and the first issuer of green bonds.

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. 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.