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New EIB- AfDB agreement to improve impact of joint projects in Africa

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Tuesday, 22 May 2018

New EIB- AfDB agreement to improve impact of joint projects in Africa

The European Investment Bank (EIB) has approved a new Procurement Procedural Framework with the African Development Bank (AfDB), to make project implementation and monitoring easier for ongoing and future co-financed public sector projects. The Framework provides clear, consistent and resource-efficient procurement arrangements, in line with the EIB’s Guide to Procurement. The agreement will benefit the two banks’ mutual clients and promoters, as well as increasing the coherence and development impact of joint co-financing operations The Framework is based on trust and mutual reliance on the application of agreed procurement procedures by the institution that is designated as Lead Financier for procurement, thus avoiding parallel application of EIB and African Development Bank rules or inconsistencies when facing a common project. The initiative is in line with the Memorandum of Understanding signed by EIB, the African Development Bank and the European Commission in 2005, committing each other to work towards mutual recognition of policies and procedures.

Source: European Investment Bank