Poland to secure record $475m loan from European bank to support Ukrainian refugees


The Council of Europe Development Bank (CEB) on Friday signed an agreement with Poland to provide a record loan of 450 million euros ($474.5 million) to support more than 4 million Ukrainian refugees in the country.

The loan agreement was signed by CEB Governor Carlo Monticelli and Polish Finance Minister Magdalena Rzeczkowska, according to a statement released by the EU financial institution.

The largest loan ever granted by the CEB should help support Poland’s efforts to deal with the massive influx of Ukrainians fleeing Russia’s war on its territory.

“The loan amount we signed today demonstrates the CEB’s unequivocal determination to support Poland in a timely and effective manner to overcome an unprecedented economic challenge and human tragedy,” Monticelli said.

“In this regard, we are very pleased that our loan is designed to respond to the changing needs of displaced people and their host communities, involving both government institutions and civil society,” he added.

Rzeczkowska, for her part, pointed out that the loan linked to the support provided by the Polish authorities to Ukrainian civilians fleeing the war is the “best example” of the CEB’s ability to help member countries in times of need.

Poland currently hosts more than 4 million displaced people from Ukraine, mainly women, children and the elderly.

Founded in 1956, the CEB has 42 member states and aims to continuously support rapid and effective responses to alleviate the suffering and restore the dignity of refugees and migrants.

At least 4,677 civilians have been killed in Ukraine since the war began on February 24, according to the UN.

More than 14 million people have been forced to flee their homes, including more than 8 million who have fled to other countries, according to UN figures.​​​​​​​

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