The Council of Europe Development Bank (CEB) and the European Investment Bank (EIB) deepened their long-standing partnership by signing a Mutual Reliance Agreement to strengthen co-operation, facilitate co-financing and enhance the impact of public sector projects in countries of operation outside of the European Union.
A key element of this approach is the mutual recognition of each institution's procurement policies and procedures, thus reducing transaction costs and administrative burden. By streamlining project preparation and implementation, the agreement will allow both the CEB and the EIB to focus on delivering tangible benefits for their member countries.
The agreement also aligns with the recommendations of the G20 Roadmap for Better, Bigger, and More Effective Multilateral Development Banks (MDBs), which calls on MDBs to enhance country-level coordination and co-financing, including through mutual reliance agreements for greater development financing efficiency.
The CEB and EIB have a strong track record of co-financing projects that drive social and economic development across Europe. Recent examples of collaboration include financing vital water irrigation investments in Greece; jointly supporting a landmark cultural, social and educational hub in Cyprus; and investing in water and wastewater facilities in Serbia. Projects in the healthcare sector are also being jointly appraised in the Western Balkans region.
The agreement will enable both institutions to co-finance larger and more complex projects that no single lender could undertake alone, leveraging their collective financial strength and expertise to maximise the impact of strategic investments.
