AECID, AFD, CDP AND KFW WORK TOGETHER TO STRENGTHEN STRATEGIC AND OPERATIONAL LINKS
JEFIC – Joint European Financiers for International Cooperation – is a network of European bilateral banks and financial institutions which mainly work with public sector partners in developing countries and emerging economies. The current members are AECID (Spain), AFD (France), CDP (Italy) and KfW (Germany).
They share a common vision for a truly joined-up European development finance system and decided to pool their respective resources and mobilise public and private capital for increased, effective investments towards the SDGs. By combining the strengths of each of its members, JEFIC strives to ensure that the diversity of "Team Europe" will work as an advantage for the beneficiaries, partners and donors in international cooperation. Beneficiaries in particular will receive access to a broad pool of European know-how and financing power. JEFIC will efficiently provide best-in-class solutions for each partner's special needs.
With a combined funding volume of more than EUR 18 billion in 2021, the JEFIC network provides a substantial share of global financing for sustainable development; around one third of the funding generated through the EU's blending and guarantee instruments is being handled by the JEFIC members. A local presence including more than 200 local offices in 85 countries ensures very close cooperation with our partner countries and partners.
Following the Joint Declaration on a European Strategic Cooperation Framework signed in October 2021 in Rome, the four 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
The enhanced cooperation between the current JEFIC members already began in 2016. With the signing of the Joint Declaration in 2021, which structured the relationships among the four financial institutions and opened the initiative to new members, the four institutions decided to commit to stronger 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.
"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 in order to improve the coherence and coordination of efforts between the different European actors involved in external action.
Mutual trust, transparency and visibility. The Member States' institutions have identified common priority areas and countries for their cooperation. They will exchange information on project pipelines to contribute to greater European visibility in cooperation and coordination with the EU.
Pragmatism and pooled resources. The Member States' institutions will promote a strong and pragmatic European partnership. To maximise the impact of the investments, joint projects will draw on pooled resources – this means co-financing, but also the sharing of local and technical expertise.
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 legal basis for future joint or parallel co-financings.
The current members are sharing strategic objectives and operational opportunities in order to identify common initiatives to be implemented together under the Team Europe approach, covering multiple target countries and sectors to achieve Sustainable Development Goals (SDGs). JEFIC aims to remain an open and inclusive partnership so that it may also gather actors within the European financial architecture for development who are willing to join the initiative at a later stage.
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, Spanish Fund for the Promotion of Development). Launched in 2011, it includes grants and loans, and implements both debt and equity operations.
Agence Française de Développement (AFD) implements France's policy on international development and solidarity. Through its financing of NGOs and the public sector, as well as its research and publications, AFD supports and accelerates transitions towards a fairer, more resilient world. It also provides training in sustainable development (at AFD Campus) and other awareness-raising activities in France.
With our partners, we are building shared solutions with and for the people of the Global South. Our teams are at work on more than 4,000 projects in the field, in the French Overseas Departments and Territories, in 115 countries and in regions in crisis. We strive to protect global public goods – promoting a stable climate, biodiversity and peace, as well as gender equality, education and healthcare. In this way, we contribute to the commitment of France and the French people to achieve the Sustainable Development Goals (SDGs). Towards a world in common.
Cassa Depositi e Prestiti (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 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.
TOGETHER IN #TEAMEUROPE