JEFIC – Joint European Financiers for International Cooperation

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JEFIC – Joint European Financiers for International Cooperation
Joint European Financiers for International Cooperation (JEFIC) is a network of European bilateral banks and financial institutions that work with public sector partners in developing countries and emerging economies. The current members are AECID (Spain), AFD (France), CDP (Italy) and KfW (Germany). Sharing a common vision for a truly joined-up European development financing system, they decided to pool their resources and mobilize public and private capital for increased investments towards the Sustainable Development Goals (SDGs).
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The network

JEFIC combines the strengths and diversity of its members to best serve beneficiaries, partners and international donors, providing the best possible solutions for each partner’s needs. Beneficiaries in particular will have access to a broad pool of European expertise and financing power.

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. A local presence, with more than 200 local offices in 85 countries ensures close cooperation with our partner countries and partners. 

Following the Joint Declaration on a European Strategic Cooperation Framework signed in October 2021 in Rome,  AECID (Spain), AFD (France), CDP (Italy) and KfW (Germany). the four partner institutions, are now setting up an innovative finance platform to support a more efficient and comprehensive European financial architecture for development.

Working towards a common framework

JEFIC members began to enhance cooperation in 2016. With the signing of the Joint Declaration in 2021, which provided additional structure among the four financial institutions and opened the door to new members, the four institutions committed to tighter cooperation at strategic and institutional levels to increase knowledge sharing, identify common priorities and enhance European coordination. 

As part of JEFIC, the four members will also have the opportunity to strengthen their collaboration on the operational level through streamlining processes and pooling resources for co-financing projects within the framework of the European strategies for 2021–2027 and beyond. 

Key principles

The renewed partnership is based on three principles:

Team Europe“Team Europe approach” and shared strategic vision: The institutions support the “Team Europe approach”, a concept born as the EU’s and Member States’ global response to the Covid-19 pandemic. This approach was incorporated into the European external action policies to improve the coherence and coordination of efforts between European actors involved in international development activities.


Mutual trustMutual trust, transparency and visibility: The Member States’ institutions have identified common priority areas and countries for their cooperation. They will exchange information on project plans and programs, to contribute to greater European visibility in cooperation and coordination with the EU. 


PragmatismPragmatism and pooled resources: The Member States’ institutions will promote a strong and pragmatic European partnership. To maximize the impact of the investments, joint projects will draw on pooled resources, such as co-financing and the sharing of local and technical expertise.  

Future commitments

To achieve its ambitious objectives, JEFIC will work on common projects to be implemented in the coming years through a Co-financing Framework Agreement to be signed by the four partners. This agreement will frame common technical and financial operations, serving as a legal basis for future joint or parallel co-financing. 

Current members are collaborating in terms of strategic objectives and operational opportunities, in an effort to identify common initiatives that fulfil the SDGs. Such initiatives will cover multiple target countries and sectors, and be implemented under the Team Europe approach.   

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.

Founding members

JEFIC gathers AFD, the Spanish Agency AECID, the Italian Financial Institution CDP and Germany’s state-owned KfW.

UE logo de l'AFD

AECID, the Spanish Agency for International Development Cooperation, is the main
management body of the Spanish Cooperation, aimed at poverty reduction and sustainable
human development. Its strategic roadmap, in line with Agenda 2030, is the 5th Master Plan
for Spanish Cooperation, based on a human rights approach; it pays special attention to three
cross-cutting issues: gender, environmental quality and respect for cultural diversity. AECID’s
toolbox includes technical assistance and financial cooperation, managed through FONPRODE
(Fondo para la Promoción del Desarrollo). Launched in 2011, it includes grants and loans, and
implements both debt and equity operations. 

  • Cassa Depositi e Prestiti (CDP)

CDP is the Italian National Promotional Institution that has been promoting the sustainable development of the country since 1850. It supports companies, finances infrastructures, promotes investments of the public administrations and it is a shareholder of leading Italian companies operating in strategic sectors. CDP is also the Italian Financial Institution for International Cooperation and Development Finance with the objective to promote sustainable growth initiatives in developing countries and emerging markets, by offering a wide range of financial products to public and private entities.

  • KfW

KfW is one of the world’s leading promotional banks. It uses its decades of experience to work on behalf of the Federal Government and the federal states of Germany to improve economic, social and environmental living conditions at home and abroad. KfW Development Bank is responsible for part of KfW’s international business, and the two group subsidiaries, KfW IPEX¬-Bank and DEG, are also involved. While KfW IPEX-Bank is active in international project and export finance, DEG finances and advises private companies investing in developing countries and emerging economies.