The EIB and the French and German promotional banks AFD and KfW renew their Mutual Reliance Initiative to increase synergies and impact around the world
28 February 2023
To facilitate the operational cooperation between the French development agency AFD, the German promotional bank KfW and the EIB, the three partners set up the “Mutual Reliance Initiative” in 2013which formalises their closer partnership. The initiative aims at delegating tasks to one lead institution among the three, while recognising each partners’ procedures, in order to make the design and negotiation of jointly financed projects more efficient.
The updated operational guidelines signed today build on past collaboration experience and seek to improve the environmental and social requirements for all partners to boost mutual impact on the ground.
Together the three institutions have financed and are planning to finance major projects worldwide, from social housing in Peru to water sanitation in Egypt, urban transport in India, hydropower in Pakistan and water desalination in Jordan. EIB, AFD and KfW are the three largest providers of development finance in the EU and are committed to strengthening their cooperation as members of the wider Team Europe, and in support of the EU’s Global Gateway initiative.
The renewal of the Mutual Reliance Initiative ten years after its launch provides new opportunities for the three institutions to complement the different framework agreements already available in European networks within Team Europe, such as the Association of bilateral European Development Finance Institutions (EDFI) or the Joint European Financiers for International Cooperation (JEFIC), a network of bilateral public institutions with a framework agreement based on mutual reliance between the Italian and Spanish national promotional banks CDP and AECID, as well as AFD and KfW.
President Hoyer expressed his most sincere condolences and full solidarity with the people of Morocco following the devastating earthquake that struck the country in a letter to His Majesty the King of Morocco Mohammed VI.
President Hoyer met with United Nations (UN) partners in New York last week. He underlined that the European Investment Bank (EIB) will do its part to increase the effectiveness and the volumes of financing devoted to delivering the Sustainable Development Goals (SDGs) and tackling the climate emergency.
Multilateral development banks (MDBs), including the European Investment Bank, have released joint methodological principles of how they will ensure alignment of financing with the goals of the Paris Agreement.