The Republic of Kosovo is accepted as newest member of Council of Europe Development BankPrishtina, 14 June 2013 - Today in Malta, the Board of Directors of the Council of Europe Development Bank (CEB) voted on the Republic of Kosovo's application for full membership. Kosovo has today been accepted into this renowned financial institution, which is an autonomous branch of the Council of Europe. The Board of Directors of the Bank is composed of Ambassadors of the European States accredited at the Council of Europe.
The Council of Europe Development Bank itself was established in 1956 and aims to support reform and some of the most vulnerable social categories in different European countries. The Republic of Kosovo's participation as an equal shareholder of the Bank brings Kosovo closer to the Council of Europe.
Minister Enver Hoxhaj has declared that the membership of the Republic of Kosovo at the Council of Europe Development Bank is a result of hard work by the Ministry of Foreign Affairs, and the increased interaction that we have had with the Council of Europe over the past few months, often without much media attention. The working group of the Ministry of Foreign Affairs, headed by the Deputy Minister Petrit Selimi has done a wonderful job on this process and we are very proud, as following membership of the European Bank of Reconstruction and Development, membership of the Council of Europe Bank is the most important news in the area of multilateral co-operation for the Republic of Kosovo.
Minister Hoxhaj added that: Membership of the bank must be viewed alongside the wave of the recognitions by Tanzania, Guyana and Yemen over the last week, which are a result of the agreement with Serbia on the normalization of relations, which has addressed the dilemmas facing many countries and organizations regarding the statehood of Kosovo. We are grateful to the major shareholders of the Bank, such as France, Germany, Italy and Turkey for sponsoring the resolution for Kosovo's admission, but also very grateful to all other members who with absolute majority voted in favour of Kosovo's membership into the Council of Europe Development Bank.
The resolution of the Board of the Bank has been supported by the majority of the members of the Bank, which is headquartered in Paris, and has approximately 145 staff and a high credit rating. Balkan countries are the beneficiaries of major projects in the areas of infrastructure development, housing for vulnerable groups and other social issues. Based on a comparison with neighbouring countries, it is estimated that Kosovo will be able to benefit from up to 40 million Euros a year through the loans and grants programmes.