Rada votes in favor of Ukraine's joining Council of Europe Development Bank

MOSCOW. May 31 (Interfax) - The Ukrainian Verkhovna Rada has passed legislation on adopting the Council of Europe Development Bank (CEB) Articles of Agreement and on joining the Third Protocol to the General Agreement on Privileges and Immunities.

"The signing of the bill by the president would mean that Ukraine has implemented all conditions for joining one of the most stable European financial institutions," Ukrainian media quoted Deputy Prime Minister for Reconstruction and Minister for the Development of Communities, Territories, and Infrastructure Alexander Kubrakov as saying on his social account.

Ukraine's joining to the CEB would entitle the country to receive its financing for rebuilding the infrastructure and advance its official European Union membership, Kubrakov said.

The CEB has already helped Ukrainians by financing projects for their accommodation in European countries in the first months of the crisis. Since June 2022, it has allocated 980 million euros for these purposes, he said.

The CEB is renowned for its social focus on and support of those affected by crises, i.e. refugees and migrants, and it also helps those seeking to improve their lives through financing small and medium-sized businesses, educational and healthcare institutions, and projects for preserving cultural heritage, Kubrakov said.

The CEB's target funds are made up of deposits to its capital and reserves by its member states and international organizations. As of the end of 2021, the bank's overall assets amounted to 29.7 billion euros and net profit 94.8 million euros. The bank implemented 57 projects worth over 4 billion euros in that year.

Since 1956, the total amount of housing projects approved by the CEB has reached 11 billion euros. As of June 2022, the CEB implemented 13 such projects in Albania, Bosnia and Herzegovina, Moldova, Serbia and Montenegro, and Romania.

As reported earlier, the Ukrainian Ministry for the Development of Communities, Territories, and Infrastructure started negotiations on Ukraine's accession to the CEB in 2017. A membership fee of 58 million euros was the main obstacle to accession at the time. However, in the course of negotiations, Ukraine was offered terms and conditions for joining the bank without a fee.