In Focus: The CEF to Become Full Fledged International Organization

Our journey of changing the legal status into an international organization is coming to an end. Macedonia on November 28 after Slovenia and Bulgaria as the third country deposited the instrument of ratification of the Agreement on Establishing the Center of Excellence in Finance as an international organization. The effective turnover of legal status will take place as per January 1, 2015.

“We are delighted that the change of status will soon become a reality. New legal status will increase possibilities for donor financing and allow for greater diversification of the program, as well as importantly contribute to its sustainability and increase its visibility. The new status will also facilitate hiring procedures for international staff. Greater staff diversity would strengthen the CEF’s international character and enrich its experience. I would like to thank to our member countries – it was strong political commitment from the governments of the signatory and ratifying countries that helped steer the way to CEF becoming an international organization. The success of this process and the support of our members are giving us impetus for new challenges ahead of us” says CEF Director, Ms. Mira Dobovišek.  

The Agreement with the Government of Slovenia (Headquarters Agreement) will define the conditions under which Slovenia will host and finance the CEF. The Rules and Regulations for the CEF as an international organization will regulate its functioning. The first session of the Governing Board where the CEF’s Rules and Regulations will be approved is planned for March 31, 2015.

The first official step towards becoming an international organization took place on September 3, 2013 when the Agreement was signed by ministers of the five CEF member countries (Bulgaria, Croatia, Macedonia, Montenegro, and Slovenia) at the signing ceremony in Bled, Slovenia. Bosnia and Herzegovina, Moldova and Romania signed the Agreement subsequently. The signatory countries are now in the process of ratification of the Agreement. Countries that have not yet signed the Agreement can become founding members only if they sign it before the end of 2014.