The Council today adopted conclusions on enhancing the European financial architecture for development (EFAD). The conclusions stress the urgent need to increase development impact in partner countries and to address the development challenges reinforced by the COVID-19 pandemic. They leverage the entire European financial development ecosystem, encouraging the European Investment Bank (EIB), as the EU’s Bank, and the European Bank for Reconstruction and Development (EBRD) to work together more effectively and efficiently and to strengthen their cooperation with the European development banks and financial institutions in a Team Europe approach, increasing EU visibility.
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