Strengthening Global Collaboration
In an era when international cooperation is of paramount importance, the European Investment Bank (EIB) and five United Nations institutions have joined forces, signing a groundbreaking agreement to elevate the impact of multilateral project financing. This partnership, forged on the sidelines of the United Nations General Assembly, paves the way for a new level of cooperation among international partners. The accord empowers the EIB to directly finance technical assistance and advisory support delivered by a select group of UN collaborators, comprising the United Nations Development Programme (UNDP), the World Health Organization (WHO), the Food and Agriculture Organization (FAO), the United Nations Office for Project Services (UNOPS), and the International Organization for Migration (IOM).
Elevating Global Impact
This agreement signifies a significant leap in cooperation, enabling the EIB to provide financial support for technical assistance and advisory services delivered by its core UN partners. These services are crucial for project promoters in preparing and implementing initiatives eligible for EIB financing. The collaborative efforts are poised to facilitate the development of joint initiatives, where UN agencies play a pivotal role in supporting projects geared toward EIB financing.
Shared Commitment to Sustainable Development Goals
Both the EIB and the United Nations share a common commitment to work with countries worldwide in pursuit of the Sustainable Development Goals. Many projects outside the European Union require technical assistance or expert advice to ensure compliance with international standards. By collaborating with UN partners, the EIB can harness the global presence, network, and technical proficiency of the UN family. This collaboration opens doors to working with regional and local clients that would otherwise be challenging to access. In particular, UN agencies are established partners in fragile or conflict-affected regions and countries.
Collaborations with WHO and other development banks led to the launch of the Health Impact Investment Platform, an endeavor aiming to bolster essential, climate-resilient primary healthcare services in low and middle-income nations. The EIB has also engaged with UNOPS, UNICEF, and IOM through memorandums of understanding or individual partnership agreements.
Paving the Way Forward
The agreement is set to advance the Global Green Bond Initiative, an ambitious plan designed to mobilize capital from institutional investors for climate and environmental projects by fostering green bond markets. Moreover, it will provide additional support for small-scale, targeted financing, which can benefit projects in Ukraine and various health and social initiatives in African countries such as Malawi and Angola. Importantly, discussions are ongoing with UNICEF and other UN agencies about their potential inclusion in this collaborative agreement at a later stage.
EIB Global: Fostering Global Development Finance
EIB Global, the EIB Group's dedicated unit for expanding the influence of international partnerships and development finance, plays a pivotal role in fostering strong, focused partnerships within Team Europe. It collaborates with fellow development finance institutions and civil society, bringing the EIB Group closer to local communities, companies, and institutions across the world. The agreement signifies a major step forward in building a more interconnected and cooperative global community to address the world's most pressing challenges.