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As a shareholder of the institution founded in 1956, the Portuguese Republic will subscribe to a capital of nearly 108 million euros, of which 30,496,658 euros are redeemable capital and 77,494,000 euros are guaranteed capital.
Portugal will participate in the overall capital increase of the European Commission’s Development Bank, a financial institution dedicated to the community social sector, which it joined nearly 50 years ago.
According to a Council of Ministers resolution of the end of July, as a shareholder of the institution founded in 1956, the Portuguese Republic will subscribe to a capital of nearly 108 million euros, of which 30,496,658 euros are redeemable capital and 77,494,000 euros are guaranteed capital, as stated in an article published this Thursday in La Repubblica (DR).
According to the government, this reinforcement will encourage the gradual growth of CEB’s activities in Ukraine, which joined the institution last June, and will also support the continued financing of the Portuguese economy through investments in education, social housing, small and medium-sized enterprises and urban regeneration.
The same resolution stressed that “Portugal is a shareholder in several multilateral financial institutions, a situation that stems from objectives related to foreign policy, Portugal’s economic development and international cooperation, as well as the implementation of its commitments in the scope of public development aid concessions and support for the achievement of the Sustainable Development Goals – 2030 Agenda”.
The resolution determines that the financial costs “will be paid from funds included in Chapter 60 of the state budget and managed by the General Directorate of Finance and Accounting of the Ministry of Finance,” the statement said.
The participation payments will be made in three stages: the first stage ends on July 31 (€15,248,329.00), the second stage ends on July 31, 2025 (€7,624,164.50) and the third stage ends on July 31, 2026 (€7,624,164.50).
In April this year, the Portuguese Permanent Mission to the European Commission was elected Vice-Chairman of the Board of Directors of the European Commission Development Bank for a two-year term.
As of June 2023, Portugal owns 2.495% of the capital of the international institution, which has 43 member countries.
Portugal is represented on the CEB Board of Directors by Gilberto Jerónimo, Permanent Representative of Portugal to the European Commission, and José Azevedo Pereira, Director of the Office of Economic Policy and International Affairs of the Ministry of Finance, on the Board of Directors.
According to the Office of Planning, Strategy, Evaluation and International Relations of the Portuguese Ministry of Finance, between 1976 and 2021, Portugal received 2.5 billion euros in financing from CEB, mainly used for education and vocational training, urban and rural modernization, health and environmental protection.
The agency was founded in 1956 by eight Council of Europe countries with an initial funding of less than $7 million.
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