BAKU, Azerbaijan, March 19. The Council of Europe Development Bank (CEB) and the European Investment Bank (EIB) have reinforced their long-standing partnership by signing a Mutual Reliance Agreement, aimed at enhancing cooperation, streamlining co-financing, and boosting the impact of public sector projects outside the European Union, Trend reports via the EIB.
A key aspect of the agreement is the mutual recognition of procurement policies and procedures, which will help reduce transaction costs and administrative burdens. By simplifying project preparation and execution, both institutions can focus on delivering concrete benefits for their member countries.
The initiative aligns with the G20 Roadmap for Better, Bigger, and More Effective Multilateral Development Banks (MDBs), which calls for stronger country-level coordination and co-financing.
By leveraging their combined financial resources and expertise, the CEB and EIB will be able to co-finance larger and more complex projects, ensuring greater efficiency and impact in development financing.