Opening Speech by Governor Carlo Monticelli at CEB's Joint Meeting (Budva, Montenegro 4-5 April 2025)

As prepared for delivery

Minister of Finance of Montenegro, Mr Vuković,
Secretary General of the Council of Europe, Mr Berset,
President of the Parliamentary Assembly, Mr Rousopoulos,
Chairs and Members of the Governing Board and Administrative Council,

Ladies and Gentlemen,

Let me begin with a heartfelt Hvala - thank you Minister Vuković, and the people of Budva, for your warm welcome to Montenegro.

What better place to behold the inspiring beauty of your country, nestled in the Balkans' heart between the mountains and the bright Adriatic!

Little wonder that so many visitors invoke romantic poet Lord Byron's legendary exaltation, that "At the birth of our planet, the most beautiful encounter between the land and the sea must have happened at the coast of Montenegro."

Your country's transition since joining the CEB in 2007 has also been inspiring. Today, Montenegro is now an EU candidate country, a nation striving forward, embracing the ideals we all seek, of an inclusive, innovative and thriving society.

The CEB is proud to play its part, through social development projects in key areas such as affordable housing, job creation, and early childhood education, and to demonstrate with you, the power of international co-operation.

Our collaboration reflects the CEB's strong commitment to all its member countries, as it painstakingly delivers on its mission as Europe's social development bank of choice.

The past year has been no exception - and for this, ladies and gentlemen, rather than fastidiously listing out the Bank's accomplishments, I invite you to watch this short video, prepared especially for the Joint Meeting.

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Ladies and gentlemen,

The CEB's mission as conveyed in the video - to foster social cohesion and resilience in Europe - is more relevant than ever.

As are the Council of Europe's values of human rights, democracy and the rule of law that the Bank helps realise concretely through its investment projects every day.

A war on our continent, the climate emergency, a fragile economy in Europe, and recent shifts in the world order, including a lurch towards protectionism, have bred uncertainty and anxiety in people's lives.

We know that together, we can overcome these challenges.

We also know that it is at times like this that vulnerable people and communities take the brunt, which is why protecting and empowering disadvantaged groups is a CEB priority.

But our impact is broader still. Many Bank projects, for example, in healthcare and education, are critical not just for social cohesion, but for long-term growth, as well as contributing to societal goals, such as well-being and climate action.

The CEB is intensifying its efforts and is determined to do even more to deliver on its mandate.

The good news is that the Bank is now better equipped to help our member countries meet the challenges ahead.

On this point, I must thank you - our shareholders - for the confidence you have shown in the CEB's mandate, by ensuring the successful closure of our 7th capital increase, the first ever with additional cash resources.

The Bank's stronger capital base will enable us to secure financial resources at favourable terms for borrowers, and leverage even more effectively the growing investor interest in our social projects.

It motivates us as we invest in honing the CEB's skills and processes, working diligently alongside beneficiaries to prepare and implement each and every project, however large or small, and tailoring solutions to local circumstances.

Your confidence bolsters us as we deepen our partnerships, with the EU and with peer multilateral development banks, to scale up financing, reduce risk, and mobilise our combined technical know-how for greater impact.

Indeed, working better as a system to spur progress on sustainable development is the aim of the Group of MDBs, which the CEB has the honour of chairing in 2025. We are committed to drive this vital agenda forward in today's uncertain times.

Thank you