Council of Europe Development Bank approves €1.7bn COVID-19 loans

The Council of Europe Development Bank has approved by fast-track procedure seven loans totalling almost €1.7 billion for projects responding to the COVID-19 pandemic. 

The financing will cover increased needs in the health sector, including medical equipment and expertise, and in job creation and preservation. 

In the Czech Republic, a €300 million Public Sector Financing Facility will help mitigate the spread and consequences of COVID-19 by ensuring the availability of medical material and protective equipment, particularly for those on the frontline of defence against the pandemic. 

In Hungary, a €175 million Public Sector Financing Facility will support the provision of medical services and partially finance its extraordinary expenditures resulting from the COVID-19 crisis.

A €300 million Public Sector Financing Facility to Italy will support the country’s efforts to manage the COVID-19 pandemic.

A €100 million loan to Lithuania will help finance the implementation of measures to ensure the health network and public institutions can cope with the challenges posed by COVID-19 and tackle its economic consequences. 

In Slovakia, a €300 million Public Sector Financing Facility aims to support the country's bid to mitigate the spread and consequences of COVID-19, ensure the availability of medical services to all citizens, mitigate the economic impact of the crisis on MSMEs, and ensure the continuity of essential public services during the COVID-19 emergency. 

A €200 million loan to Comunidad Autónoma de Madrid will support Madrid’s efforts to provide medical services to those affected by COVID-19. The funds will mostly finance medical and pharmaceutical supplies.

And a €300 million loan to Instituto de Crédito Oficial (ICO) will support the Spanish government’s efforts to mitigate the economic impact of the COVID-19 lockdown on MSMEs.