The Council of Europe Development Bank (CEB) has approved a loan of EUR 300 million to the Czech Republic. The loan is to finance medical expenses to combat the COVID-19 pandemic.
The bank also praised the Czech Republic’s rapid response to the pandemic.
“The CEB loan will support the Czech government in its efforts to mitigate the spread and impact of COVID-19 by covering 90 percent of the total costs,” the bank said.
CEB Governor Rolf Wenzel said: “In light of this unprecedented pandemic, the bank has mobilised additional human and financial resources to ensure that it is in a position to assist its member countries in the best possible way. The loan provided to the Czech Republic is part of a first fast-track package of close to € 1.7 billion supporting projects in health and MSME financing in countries affected by the pandemic. Additional support will be made available in the coming weeks as we are stepping up efforts to curb the impact of COVID-19 on human lives and on the economies of our member countries.”
CEB was founded in 1956. The Czech Republic has been a member of the CEB since 1999. “The current loan is the first loan agreement directly with the Czech government,” the bank noted.