-- The Council of Europe Development Bank, the European Bank for Reconstruction and Development, and the European Investment Bank signed a pact to simplify procurement and speed up joint public project financing, the EIB said Thursday.
The tripartite Mutual Reliance Agreement aims to streamline procurement in co-financed public sector projects outside the European Union, improving coordination, efficiency, and integrity, EIB said.
The deal was signed on the sidelines of the World Bank Group and International Monetary Fund Spring Meetings in Washington, marking a step forward in multilateral cooperation.
It builds on existing bilateral frameworks and aligns with the Group of Twenty roadmap to create "bigger and more effective" multilateral development banks, strengthening system-wide coordination, according to EIB.
Under the framework, one lender can act as lead financier, allowing others to rely on its procurement and safeguard systems, reducing duplication and administrative burden, EIB added.
The agreement is expected to ease co-financing processes, enabling faster project execution and improved access to funding for countries outside the European Union.
It also introduces a joint "Covenant of Integrity" to ensure high standards of transparency and accountability, while preserving each institution's independent policies and decision-making authority, according to EIB.
EIB Vice-President Ambroise Fayolle said the move will help countries deliver projects "faster and at lower cost," adding it reflects lenders working together to achieve tangible results while maintaining safeguards.