The EIB is the long-term lending arm of the EU and a key IFC partner. IFC and EIB co-invest in many projects around the world and developed a particularly strong partnership during the 2008 financial crisis.
The IFC-EIB Partnership
IFC and EIB partnered on the Joint IFI Action Plans for Africa, the Caribbean, and Eastern and Central Europe that were developed to tackle region-specific challenges brought about as a result of the crisis;
IFC and EIB, along with other partners, also established the Microfinance Enhancement Facility to help fundamentally sound microfinance institutions which faced severe credit constraints in the wake of the crisis;
IFC, EIB, and other partners established the Africa Bank Capitalization Fund to support banks considered vital to the financial system of the poorest countries;
EIB also established a co-financing window to IFC’s Infrastructure Crisis Facility to co-finance infrastructure projects for which funding had dried up as a result of the crisis.
IFC and EIB are also signatories of a series of regional Memoranda of Understanding alongside the EC and other partners.
The IFC-EIB Collaboration Agreement
In December 2011, IFC and EIB signed a Collaboration Agreement that is improving the effectiveness of funding by reducing the administrative burden on borrower companies and allowing for quicker completion of financial documentation. Under the agreement, projects supported by both IFC and EIB in Africa, Caribbean, Pacific, and the Southern Mediterranean are able to obtain funds from both institutions with limited additional administrative requirements. The agreement defines guiding principles covering the application process and allocation of responsibilities between the two institutions to allow the timely completion of investments.