Michael Bell
Ceist:35 Mr. Bell asked the Minister for Finance if he will make a statement on the Government's decision to join the Council of Europe Development Bank. [12401/02]
Written Answers. - Council of Europe Development Bank.
The question of expanding the range of Ireland's membership of regional development banks has been under consideration by my Department for some time. Such banks are important channels for flows of international aid and finance, and membership of them gives Ireland a voice in decision making on international policies regarding these flows. In the case of the Council of Europe Development Bank, all of our EU partners, with the exception of Austria and the UK, are already members.
This move is part of the continued commitment by Ireland to assist in the economic development of countries less fortunate than ourselves, as expressed at the recent United Nations Financing for Development Summit in Monterrey, Mexico. We also want to deepen the ties between Euro pean states. While many European states, including Ireland, are relatively prosperous, not all of them are. There are pronounced financing needs in the less developed European countries and this is where the Council of Europe Development Bank can be of assistance. The bank is particularly valued by the western Balkans as well as central and eastern Europe as an important source of lending for social projects and Ireland's accession will be viewed positively by these states as a reflection of our commitment to wider European solidarity. Our joining of the Council of Europe Development Bank should also be seen as part of the very significant expansion in our overseas development assistance which has recently taken place.