JEFIC – Joint European Financiers for International Cooperation

The JEFIC members share a common vision for a truly joined-up European development finance system (alongside the PN-Practitioners’ Network, EDFI-European Development Finance Institutions, EIB-European Investment Bank and EBRD-European Bank for Reconstruction and Development) for increased, efficient investments towards the Sustainable Development Goals (SDGs). In addition, JEFIC plays an important role in leveraging the private sector and enhancing the local regulatory framework, acting as a “gateway” between public and private sector.

With a combined funding volume of more than €21 billion in 2022, the JEFIC network provides a substantial share of global financing for sustainable development and handles around one third of the funding generated through the EU’s blending and guarantee instruments. A local presence including more than 200 local offices in 85 countries ensures very close cooperation. 

The signature of a JEFIC Joint Declaration in 2021 opened the door to new members and made a commitment to stronger cooperation at strategic and institutional levels, increased knowledge sharing, identification of common priorities and enhanced European coordination. BGK joined the JEFIC network in March 2023.

Working towards a new level of integration and service performance

JEFIC members share strategic objectives and operational opportunities to identify common financing activities. These activities are implemented jointly under the Team Europe Initiatives (TEIs) and Global Gateway, covering multiple target countries and sectors to achieve the Sustainable Development Goals (SDGs). JEFIC members are currently contributing to 127 TEIs, at national, regional and global levels, and contribute to major Global Gateway flagships. For instance, JEFIC is involved in the deployment of the TEI Invest in Young Businesses in Africa, which aims at helping early stage businesses and young entrepreneurs and at creating decent jobs. Moreover, JEFIC members are supporting less mature market segments through local banks and through Public and Private Partnerships, bridging the gap between public and private sector.

JEFIC members are pooling their respective strengths to put their broad collective expertise to best use and provide a wide and varied range of services and support. Their goal is to ensure that the diversity of “Team Europe” will work as an advantage for beneficiaries, partners and international donors creating, in particular, a point of access to a broad pool of European know-how and financing power. 

With this in mind, JEFIC remains an open and inclusive partnership ready to include other bilateral actors within the European financial architecture for development who are willing to join the network.

Reflecting their commitment to an effective and efficient European financial architecture for development, the four founding institutions signed a co-financing framework agreement on March 17, 2023, in Brussels.  

With this Agreement, they set up an innovative finance mechanism allowing for improved efficiency and a better response to partners’ needs, to design tailor-made solutions in terms of support, funding volumes, financial instruments, as well as mobilizing regional and sectoral expertise in line with the Team Europe Initiatives and Global Gateway:

• A single point of contact for all partners, due to the lead position taken by the JEFIC member with the most suitable expertise on each initiative.
• Simplified procedures for partners, who will follow the procedures of the single lead entity.
• Capacity to mobilize several sources of funds (grants including delegated funds, loans, etc.).
• Possibility of leveraging the contribution and experience of smaller partners.

Through the Agreement, JEFIC members will increase the efficiency of their co-financing operations targeting SDGs and will support the implementation of EU development policies. 

Key principles

The renewed partnership is based on three principles:

“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 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 maximize the impact of the investments, JEFIC projects will draw on pooled resources – this means co-financing and joint implementation, but also the sharing of local and technical expertise and common pipeline generation.  

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