Budapest, Hungary | Paris, France | July 10, 2013
The Council of Europe Development Bank grants a loan of EUR 1.5 million to the Roma Education Fund
“As the social development bank in Europe, we are pleased to begin a new chapter of socially responsible financing with the Roma Education Fund,” says Bank Governor, Rolf Wenzel.
Budapest, Hungary | Paris, France | July 10, 2013
The Council of Europe Development Bank grants a loan of EUR 1.5 million to the Roma Education Fund
“As the social development bank in Europe, we are pleased to begin a new chapter of socially responsible financing with the Roma Education Fund,” says Bank Governor, Rolf Wenzel.
The Paris-based Council of Europe Development Bank (CEB) signed a EUR 1.5 million loan with the Roma Education Fund. Approximately one third of the loan will enable REF to offer more reimbursable grants for Romani NGOs making social investments in educations p
rograms in the region, while the remainder will flow to REF’s Bucharest office.
Reacting to new member states’ poor track record in absorbing and making available European Structural Funds for Roma inclusion, the Bank has agreed to the loan in order to allow REF to continue to operate its European Structural Fund projects in Romania after severe reimbursement delays that have threatened its daily operations.
“I’m pleased to have the commitment of the Council of Europe Development Bank to close the gap in educational outcomes between Roma and non-Roma,” says Judit Szira, REF’s Director. “By joining us today, the CEB has signaled that it believes even bankers have a role to play in advancing the educational achievement of Romani pupils.”
As the first international Roma NGO to receive a loan from the CEB, REF continues its pioneering role in funding and implementing education pilot projects that can pave the way for Roma inclusion. REF hopes that it will be joined by more Roma NGOs seeking secure funding for investing in their communities.
On average, each euro of REF’s reimbursable grants enables Romani NGOs to raise a further 44 euros in new funding. From a total of 38 reimbursable grants totaling EUR 657,146, REF has leveraged EUR 29,298,130.
For more information, please contact:
Tom Bass, Communication Officer, tbass@romaeducationfund.org, +36.1.235.8020 x 24
Robert Kushen, Vice-Chair, REF Board of Directors, robert.kushen@opensocietyfoundations.org, +1.917.747.3285
