The Council of Europe Development Bank

Department 20 – Management of National Debt and Financial Assets
Department 20 – Management of National Debt and Financial Assets


  • State Debt
Updated 17-8-2022
  • Updated data - as of June 30, 2022

Basic Information

The Council of Europe Development Bank (CEB) is the oldest European multilateral development bank with an exclusively social mandate. The CEB contributes to the implementation of socially oriented investment projects through three sectoral lines of action: Inclusive growth, Support for vulnerable groups and Environmental sustainability. The CEB was founded in 1956 (in the form of a Resettlement Fund) based on a partial agreement. The Bank was previously known as the Council of Europe Social Development Fund. Since 1st November 1999, the institution's new name is Council of Europe Development Bank. The headquarters of the operational services is in Paris.

The CEB has 42 member states who are the Bank’s shareholders. All countries that are members of the Council of Europe are eligible to join the CEB.

The Czech Republic joined the CEB in February 1999. The Czech Republic‘s share of the CEB‘s subscribed capital is 0.786% (43 037 000 EUR) of the CEB‘s total subscribed capital (5 477 144 000 EUR).

Structure of the Council of Europe Development Bank

The organisation, administration and supervision of the Bank shall be divided between the Governing Board, the Administrative Council, the Governor and the Auditing Board.

The Governing Board is the supreme organ of the CEB; it shall be vested with all powers in respect of the CEB, save the right to change its purposes as stipulated in Article II of the Articles of Agreement. It consists of a Chairperson and one representative appointed by each Member. Each Member may appoint a substitute.

Representative to the Governing Board:
Mr Petr VÁLEK, Ambassador Extraordinary and Plenipotentiary, Permanent Representative of the Czech Republic to the Council of Europe, Strasbourg

The Administrative Council is vested with all the powers delegated to it by the Governing Board in pursuance of Article IX. I consists of a Chairperson appointed by the Governing Board for a three-year term, renewable for a second three-year term, and one representative appointed by each Member. Each Member may appoint a substitute.

Representative to the Administrative Council:
Mr Petr PAVELEK, Department Director, Debt and Financial Assets Management Department, Ministry of Finance, Prague

The Governor shall be the legal representative of the Bank. He/She shall be the head of the Bank's operational services and shall conduct day-to-day business on the instructions of the Administrative Council. Under the general supervision of the Administrative Council, he/she shall be responsible for the organisation of the operational services and the appointment and dismissal of the staff of the Bank, within the framework of the regulations adopted by the Administrative Council. The Governor shall be appointed for a term of five years renewable once.

The Governor shall be assisted by one or more Vice-Governors. The Governor shall designate a Vice-Governor Delegate who shall replace him/her in case of absence or incapacity. The Governor shall determine the responsibilities of the Vice-Governors taking into account the post descriptions approved by the Administrative Council.

The Governor is currently assisted by Vice-Governor for Target Group Countries Mr Tomáš Boček. The nomination procedure for the posts Vice-Governor for Financial Strategy and Vice-Governor for Social Development Strategy was opened the Governing Board of the CEB on 3 December 2021.

Tomáš Boček first joined the CEB’s appointed officials in March 2019, having previously served as Special Representative of the Secretary General of the Council of Europe on Migration and Refugees. On 16 April 2021, the Governing Board of the CEB re-appointed Mr Tomáš Boček to the post of Vice-Governor for Target Group Countries for a mandate from 16 August 2021 to 15 August 2026.

The Auditing Board inspects the Bank's accounts and verifies that the operational accounts and balance sheet are in order. Having regard to the opinion given by the Administrative Council, the Governing Board appoints the members of the Auditing Board. The Auditing Board shall consist of three members. They shall act completely independently.

On 30 March 2012, the Governing Board decided to update the rota system for the Auditing Board as follows as from 2013, countries that had not yet participated in the work of the Auditing Board would be invited to present members, in order of their accession to the CEB; upon exhaustion of this list, the rotation would change to the alphabetical order of member countries.”
The mandate of the member representing the Czech Republic will begin the day after the approval of the accounts for 2021 by the Governing Board at its spring 2022 meeting and will expire on the day on which the accounts for 2024 are approved. On 8 April 2022, the Governing Board of the CEB appointed Ms Barbora Janíčková as a member, Ms Jana Mrázová as a substitute member and Mr Michal Švadleňák as a second substitute member of the Auditing Board for the Czech Republic.


Since the beginning of the Czech Republic's membership in the CEB in 1999, the CEB has approved more than EUR 2.06 billion, ie approximately CZK 51.21 billion (exchange rate 24.860 CZK/EUR) in financing for a wide range of social investments in municipal infrastructure improvements and for MSMEs, mostly through financial intermediaries.

Loans to the Czech Republic as a Sovereign

On 19 June 2020, CEB and the Czech Ministry of Finance signed a EUR 300 million loan agreement to finance health expenditure to combat the spread and impact of the COVID-19 pandemic. The loan is the first loan agreement directly with the Czech government.

Project Basic Information
COVID-19 Public Sector Financing Facility date of signature: 19 June 2020
Registr smluv loan amount: EUR 300m
  drawn: EUR 300m
  redeemed: EUR 0
  estimated total project costs: EUR 350m
  project objective: aid the Czech Government in its efforts to mitigate the spread and consequences of COVID-19, to safeguard the availability by COVID-19 by providing the necessary medical material and equipment

As at: 30 June 2022

Loans to regions and municipalities

Loans are negotiated between the CEB and the respective municipality.

Loans to the private sector

Approved loans to the private sector in the total amount of approx. EUR 1 555m ie approximately CZK 38.66 billion (exchange rate 24,860 CZK/EUR).

Detail Information about the Projects approved by the Administrative Council in the Czech Republic:


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