The European Investment Bank (EIB) has joined the Global Infrastructure Facility (GIF) as a technical partner. The GIF is a multi-donor platform set up by the World Bank Group to bridge the global infrastructure investment gap by leveraging private sector and institutional investor capital for complex infrastructure projects.
“To meet the Sustainable Development Goals, mobilising private investment and other institutional resources is a must, but it is not enough,” said EIB Vice-President Vazil Hudák at the signature of the agreement, held at the World Bank headquarters in Washington D.C. on Wednesday 20 April 2017. “We all know that technical assistance to support project preparation and capacity building is key to the development of a pipeline of robust, economically sensible and sustainable infrastructure projects.”
A concrete example of MDB collaboration
The EIB and other Multilateral Development Banks (MDBs) had already signed a collaboration agreement in 2014, with a view to ultimately joining the GIF. “The EIB has been supportive of the Global Infrastructure Facility since its creation,” said Hudák. “We have been pleased to witness and to contribute informally to the development and implementation of the facility.” The GIF started operations in 2015 with an initial capitalisation of USD 100 million.
As a technical partner, the EU bank aims to enhance its collaboration with other MDBs to support major infrastructure projects, bringing both knowledge and expertise. “We will do our utmost to look for candidate projects in our portfolio to benefit from this facility and identify other ways or working alongside other technical partners,” explained Hudák.
Chief Financial Officer of the World Bank Group Joaquim Levy said, "The Global Infrastructure Facility very much welcomes the European Investment Bank as an important new member. It is particularly important for the delivery of sustainable infrastructure to have a very strong and broad range of technical partners."
The EIB Group has stepped up its level of precaution at its headquarters in Luxembourg and in its external offices. All staff will telework as of 16 March. A small number of staff whose physical presence on EIB premises is indispensable will continue to be present on the EIB campus. The decision aims to protect the health of employees and ensure the continuity of the EIB Group’s activity.
On Wednesday the EIB identified its first case of one staff member who tested positive for corona virus.
As a precautionary measure, the EIB decided not to hold the meeting of its Board of Directors planned for Thursday 12 March in person. Decisions on the Board’s agenda will be taken by written procedure. The Bank has put in place measures to prevent disruption to its governance or operation approval schedule.
On Monday 2 March, the former President of the European Council, Donald Tusk, visited the EIB in Luxembourg on a joint invitation from the Bank, the European Stability Mechanism (ESM) and the Court of Auditors.