The story
The CEB dates from 1956, when the Council of Europe established the Resettlement Fund for National Refugees and Over-Population in Europe as a Partial Agreement. In 1994, it changed its name to the Council of Europe Social Development Fund, before becoming the Council of Europe Development Bank in 1999.
The original aim was to help refugees and other displaced persons after the Second World War. It later expanded its scope of activities to include assistance to disaster victims, help with job creation, and improve social infrastructure. Its aim today is to promote social cohesion in its member states.
From Wikipedia’s article on Council of Europe Development Bank, shared under CC BY-SA 4.0.5

