Message from the Governor


CEB financing has supported urgent health care needs; protected and generated jobs; ensured the continuity of essential public services; and backed medium and long-term investments in social infrastructure that will safeguard social cohesion and generate sustainable economic growth.

Message from the Governor

Report of the Governor

2020 at a glance

Projects approved



of which  3.1 billion

Funds raised



under the borrowing authorisation for 2020

Loans disbursed


Loans outstanding



CEB's response to COVID-19

Masked Lady from iStock

Under the heading “Timely. Flexible. Targeted.” the CEB approved € 3.1 billion in loans to finance COVID-19 response measures which benefitted 21 projects in 18 countries. This was made possible thanks to the commitment of the CEB's team and the support of its governance bodies.  

At the same time, the CEB has ensured the continuity of its own activities through widespread use of teleworking.


on the CEB's response to COVID-19

Project financing

Romania iStock-1075287050.jpg

In 2020, the CEB approved more than € 6 billion in loans for 24 member states. The loans will support close to € 23 billion in total investments across Europe.

The impact of past CEB financing is illustrated graphically on page 30 of the Report of the Governor, based on 21 projects completed in 2020.

At a glance...

Report of the Governor (extract)


Finance iStock-846875296 - Copie.jpg

Under its borrowing authorisation for 2020, the Bank raised a total of € 4.5 billion on the international capital markets, spread over fourteen financing operations, including two social inclusion bonds in response to COVID-19 of EUR 1 billion and USD 500 million respectively.

Report of the Governor (extract)


Donors iStock-1222002043.jpg

In 2020, the CEB mobilised more than € 106 million in donor funds. The large majority of the funds were made available by the European Union, for projects dedicated to migrants, refugees, and displaced persons in Turkey and the Western Balkans. The European Union thus remains the Bank’s largest donor, with € 615 million committed to date.

Report on CEB and donors


Sustainability - minisite 2020

Both in its social and environmental dimensions, sustainability is a key component of the CEB’s financing activities and internal operations, and the COVID-19 pandemic has further reinforced this. In practice, this means minimising the Bank’s own carbon footprint, strengthening employee engagement, and ensuring that CEB-funded projects improve effectively people’s living conditions in Europe, especially for the most vulnerable, while contributing positively to meeting environmental and climate challenges.

Sustainability Report