The Council of Europe Development Bank (CEB) on Friday signed an agreement with Poland to provide a record €450 million ($474.5 million) loan to support over 4 million Ukrainian refugees in the country.

The loan agreement was signed by CEB Governor Carlo Monticelli and Polish Finance Minister Magdalena Rzeczkowska, said a statement issued by the EU financial institution.

The CEB's largest-ever loan is expected to help support Poland's efforts to deal with the massive influx of Ukrainians fleeing Russia's war on their territory.

"The size of the loan that we signed today demonstrates CEB's unequivocal determination to support Poland timely and effectively to overcome an unprecedented economic challenge and a human tragedy,” said Monticelli.

"In that respect we are very pleased that our loan is designed to address the evolving needs of displaced people and their host communities, involving both government institutions and civil society," he added.

Rzeczkowska, for her part, emphasized that the loan related to the support provided by the Polish authorities to the Ukrainian civilians fleeing the war is the "best example" of the CEB's ability to assist member countries when needed.

Poland currently hosts over 4 million displaced people from Ukraine, mainly women, children and the elderly.

Founded in 1956, the CEB has 42 member states and aims to consistently support timely and effective responses to relieve suffering and restore dignity to refugees and migrants.

At least 4,677 civilians have been killed in Ukraine since the war started on Feb. 24, according to the UN.

Over 14 million people have been forced to flee their homes, including more than 8 million that have fled to other countries, according to UN figures.​​​​​​​/aa