Pooling Resources Across European Financial Institutions

published on 20 June 2022
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A network of European bilateral banks and financial institutions that work with public sector partners across the Global South is setting up an innovative finance platform to support a more efficient and comprehensive European financial architecture for development. It’s called JEFIC: Joint European Financiers for International Cooperation, and includes France’s AFD, the Spanish Agency AECID, the Italian Financial Institution CDP and Germany’s state-owned KfW.

With an eye to building a truly joined-up European development financing system, financial institutions from France, Germany, Italy and Spain are pooling their resources and mobilizing public and private capital for increased investment in pursuit of the Sustainable Development Goals. 

With a combined funding volume of more than €18 billion in 2021, the JEFIC network provides a substantial share of global financing for sustainable development. Close to one third of the funding generated through the EU’s blending and guarantee instruments is being handled by JEFIC members. And with more than 200 local offices in 85 countries, the network is building even closer relationships with our partners. 

Find out more: European Development Days 2022 

JEFIC will have a stand at European Development Days in Brussels on 22 – 23 June  (C09-L Climate and Energy in the EDD Village). The event follows the Joint Declaration on a European Strategic Cooperation Framework signed last October 2021 in Rome.  

The JEFIC  partnership is based on three principles:

  • A shared strategic vision 
  • Pooled resources and pragmatism 
  • Mutual trust, transparency and visibility

JEFIC members will work on common projects to be implemented in the coming years through a Co-financing Framework Agreement.

Find out more: Joint European Financiers for International Cooperation

JEFIC aims to remain an open and inclusive partnership, which welcomes actors within the European financial architecture for development, who are willing to join the initiative in the future.