Council of Europe bank to support Poland in refugee crisis

The Council of Europe Development Bank (CEB) will offer Poland a EUR 450 million loan to refinance the country's current aid for Ukrainian refugees, the Polish finance ministry has reported.

The loan agreement was signed by the Polish finance minister, Magdalena Rzeczkowska, and CEB governor, Carlo Monticelli, in Warsaw, on Friday.

"Poland appreciates the long-lasting… cooperation with the Council of Europe Development Bank in the area of financial support that the bank offers to private and public entities," Rzeczkowska was quoted as saying in the ministry's press release.

The CEB loan will help Poland refinance the spending already incurred under the country's Assistance Fund run by the state development bank BGK, according to the finance minister.

Poland joined CEB in 1998 and is one of the bank's biggest borrowers, as it belongs to a group of the so-called target countries that can enjoy increased CEB funding.

"Since Poland joined CEB, the bank has financed 78 projects in our country that are worth more than EUR 6 billion," the ministry said.