The Council of Europe Development Bank, the European Bank for Reconstruction and Development and the European Investment Bank have signed an agreement to streamline procurement rules for public sector projects they co-finance outside the European Union.
The three institutions said on Wednesday the tripartite “Mutual Reliance Agreement” was signed on the margins of the World Bank Group and IMF Spring Meetings in Washington, D.C., and builds on earlier bilateral arrangements between the banks.
The framework allows one institution to act as lead financier on a project, with the other two relying on its procurement and safeguards procedures to reduce duplication and streamline administration.
Partner countries and project promoters will face simpler requirements and faster access to financing and expertise, while each bank keeps its own decision-making autonomy.
Integrity rules across joint projects
The agreement also introduces a joint Covenant of Integrity to be applied across co-financed projects, setting common standards on transparency and accountability.
Carlo Monticelli, Governor of the Council of Europe Development Bank, said the deal was intended to help multilateral development banks “work more effectively as a system.”
Fatoumata Bouaré, the EBRD’s Vice President and Chief Risk Officer, said the partnership would make processes more efficient for clients in the countries where the bank operates.
Ambroise Fayolle, an EIB Vice-President, said the changes would help partner countries outside the EU deliver joint projects faster and at lower cost while maintaining safeguards.
