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 joined multilateral development institutions and donor nations, asset management and private equity firms, pension and insurance funds, and commercial banks, to work as partners in a new Global Infrastructure Facility (GIF) that has the potential to unlock billions of dollars for infrastructure in the developing world. The GIF was launched at the initiative of the World Bank Group in Washington in the framework of the World Bank Group Annual Meetings.
1. We, the Heads of the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, the World Bank Group and the International Monetary Fund, welcome the emphasis the G20 has placed on infrastructure over the past few years and the advances made this year under the Australian Presidency. We also welcome the new G20 Global Infrastructure Initiative and look forward to contributing to its implementation.
The inaugural Global Infrastructure Forum 2016 convening here today brings together for the first time the leaders of the multilateral development banks (MDBs) -- African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group – as well as development partners and representatives of the G20, G24, and G77, to enhance multilateral collaborative mechanisms to improve infrastructure delivery globally. The Forum is organized in close partnership with the United Nations. Following the meeting, a Chairman’s Statement will be issued, setting forth the next steps in this unprecedented collaboration.