The Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) have signed a tripartite Mutual Reliance Agreement, to streamline procurement in public sector projects they co‑finance outside the European Union, strengthening cooperation, efficiency and integrity.
Signed on the margins of the World Bank Group-IMF Spring Meetings in Washington, D.C., the agreement builds on existing bilateral arrangements among the three multilateral development banks (MDBs) and marks a further step in strengthening their cooperation, advancing the system-wide approach promoted under the G20 Roadmap for Better, Bigger and More Effective MDBs.
The framework will make it easier for the three institutions to co-finance public sector projects outside the European Union by reducing duplication and streamlining administrative processes. Under the agreement, one institution can act as lead financier for each project, allowing the others to rely on its procedures for procurement and safeguards, hence reducing duplication and increasing efficiency.
For partner countries and project promoters, this agreement means simpler requirements and faster access to financing and expertise, while fully respecting each MDBs’ policies and decision‑making autonomy. The agreement also introduces a joint Covenant of Integrity, to be applied across co-financed projects, ensuring consistent high standards of transparency and accountability.
“This agreement marks yet another concrete step towards MDBs working more effectively as a system,” said CEB Governor Carlo Monticelli. “By simplifying how we work together we can deliver faster and increase our impact where it matters most.”
“By strengthening our partnership, we can make our processes far more efficient and make a real difference to the service we offer our clients in the countries where we work,” said Fatoumata Bouaré, the EBRD’s Vice President, Chief Risk Officer.
“By joining forces to streamline procurement for joint projects, we help partner countries outside the EU deliver faster and at lower cost,” said EIB Vice‑President Ambroise Fayolle. “This is multilateral development banks working together, focusing on real results on the ground, while maintaining high standards and safeguards.”
About CEB
The Council of Europe Development Bank (CEB) is a multilateral development bank with an exclusively social mandate from its 43 member countries. The CEB finances investment projects and provides technical assistance in social sectors such as education, health and affordable housing, while focusing on the needs of vulnerable people, as well as on the social dimensions of climate change and the environment. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. The CEB, which has a triple-A credit rating, funds itself through international capital markets. In addition, the CEB receives funds from donors to complement its activities.
About EBRD
The European Bank for Reconstruction and Development (EBRD) is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 40 economies across three continents. The Bank is owned by 77 countries, as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well governed, green, resilient and integrated.
About EIB
The European Investment Bank (EIB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion in new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.