Cooperation with other financial institutions and organisations

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Cooperation with other financial institutions and organisations

During the last decade, the European Union has been working on enhancing the effectiveness of its development cooperation. The EIB works closely with other multilateral lenders, national development finance organisations and private bodies, to help to catalyse public-private partnerships and private investment. Cooperation with the European Commission and the European External Action Service, and EU member state bilateral development finance agencies, supports broader European engagement in ACP states, and provides significant opportunities for European companies to operate in the regions. The EIB is working to maximise synergies, collaboration and efficiency through a broad range of partnerships.

Mutual Reliance Initiative

The Mutual Reliance Initiative (MRI) aims at increasing synergies between European finance institutions, namely, the European Investment Bank, the French Agency for Development (AFD) and Germany’s Development Bank (KfW). Under MRI, project related tasks are delegated to a lead financier across the full project cycle, from appraisal to preparation to lending decision and implementation. The three partners rotate in the role of lead financier,  enabling an equal division of work load and responsibility. Trust and close cooperation between the lead financier and co-financiers are essential to maximise the benefits for the borrowers and beneficiaries.

European Financing Partners (EFP)

European Financing Partners (EFP) is a private financing vehicle created under the ‘Framework Agreement on Financial Cooperation and Exchange of Services’ between the European Investment Bank/Investment Facility and the European Development Finance Institutions (EDFIs). EFP has 14 shareholders. It provides a framework and acts as an accounting vehicle for co-financing transactions mutually agreed by all partners (‘Committing Partners’) in favour of viable private sector projects in ACP countries.

Under the EFP framework, due diligence, contracting and monitoring tasks are fully delegated to a single partner ( the ‘Promoting Partner’), who has sourced and appraised the project and submits it for decision to co-finance to the investment committee of the EFP that comprises all Committing Partners. The EIB, using IF resources, then co-lends with other EFP partners to the Promoting Partner, which, in turn, on-lends to the final beneficiary.

Since 2004, the EFP has received four successive endowments from Committing Partners of EUR 800 million, of which the Investment Facility has contributed EUR 390 million.

EIB-IFC Collaboration Agreement

In line with cooperation with other European financial institutions, the EIB has concluded a collaboration agreement with the International Financial Corporation (IFC). The EIB-IFC Collaboration Agreement provides dedicated funds from both organizations to finance private sector projects in countries eligible for both partners. In this agreement, there is no delegation of decision making but of process. In other terms, the lead lender will be responsible coordinating and facilitating on-site due diligence, as well as for coordinating the preparation of external consultants’ reports.

African Financing Partnership

The African Financing Partnership (AFP) is a co-financing platform created between eight development and commercial financial institutions, namely, the African Development Bank, International Finance Corporation (IFC), European Investment Bank, DEG, FMO, Proparco, DBSA and IDC. AFP main objectives are to improve and streamline the co-financing of private sector projects in Africa building on the strong experience, market knowledge and project financing skills of the promoting partners. AFP aims more delivery and best results through combined efforts. Cooperation under AFP is on a voluntary basis to achieve.

Infrastructure Consortium for Africa

The Infrastructure Consortium for Africa (ICA) was established in 2005 and its Secretariat is hosted at African Development Bank (AfDB). The Consortium encourages a joined-up approach to meet Africa’s urgent infrastructure needs to support economic growth across the continent. ICA addresses national and regional constraints to infrastructure development through the sharing of information, project development and good practice. The Consortium is not a financing agency but acts as a platform to catalyse donor financing of infrastructure projects and programmes in Africa. The EIB is a member of the ICA, together with the G8 countries, African Development Bank, World Bank Group, European Commission and Development Bank of Southern Africa. Its 2013 annual report entitled "Financing infrastructure trends in Africa" is now available.