The Council of Europe Development Bank's member states will hold a meeting in Dublin today, to discuss Ukraine’s request to join the CEB. Shareholders are expected to waive the condition that Ukraine make a capital contribution to the bank to become a member.

Ukraine formally applied to join the bank in late May.

The bank was established in 1956 to bring solutions to the problems of refugees and displaced people in the aftermath of World War II.

It has 42 member states and provides financing for projects with a high social impact, focused on 22 countries in central, eastern and southeastern Europe.

Ukraine, due to the size of its economy and population, would normally be required to make a capital contribution of €60 million to gain membership of the CEB.

Governor Carlo Monticelli said, "Ukraine, which is a member of the Council of Europe, has asked to become a member of our bank in late May, and the process is well advanced."

Speaking on Morning Ireland, he said, "Today we expect our shareholders to confirm their political will to support Ukraine and give a tangible sign by relieving Ukraine from any payments for accession."

He said the CEB will focus on its social mandate including addressing the pressing needs of the most vulnerable groups affected by the war and financing the reconstruction of essential social infrastructure such as schools, healthcare facilities and social housing.

"We will work closely in coordination with other financial organisations and with Ukraine authorities to achieve the maximum impact."

So far the bank has supported displaced people who are fleeing Ukraine and are hosted by other European countries, providing grants and loans.

"Our grants are used for the most essential needs of refugees such as food, shelter, medical help and psychological support. We have also provided over €1 billion of loans in favour of refugees and host communities with more resources on the way."

The Joint Meeting is taking place in Dublin because Ireland is hosting the presidency of the Council of Europe.

Yesterday, Minister for Finance Paschal Donohoe said that the Government had committed €1 million to a specially established donor fund in the CEB, which "will be used specifically for those displaced by the war in Ukraine and, when the time is right, we will support the reconstruction of vital infrastructure in Ukraine".

Governor Monticelli said, "In this way, Ireland is really leading my example and we hope other members will follow."