CEB approves EUR 100M joint healthcare project with Ukraine

The Council of Europe Development Bank has approved the first joint healthcare project with Ukraine, worth EUR 100 million.

That’s according to the press service of Ukraine’s Ministry of Finance, Ukrinform repots.

 “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 report says.

It is noted that 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,” the report says.

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.

As reported, 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.