the EU bank

The EIB requires, in the Guide to Procurement, that project promoters, as well as tenderers, contractors, suppliers and consultants under Bank-financed contracts, observe the highest standards of ethics during the procurement and performance of contracts.

If the EIB determines that there are signs of prohibited practices during the procurement procedure or during the performance of the contract, it may either refuse to accept a promoter’s preferred choice for the award of a contract or it may cancel all or part of the Bank financing allocated to a contract for works, supplies or services.

In the EIB’s operations outside the EU Member States and the Acceding Countries, each loan contract between the Bank and a State-owned borrower or borrower whose commercial risks are assumed by a State contains provisions against fraud and corruption.

The borrower undertakes to inform the Bank if it is aware or ever becomes aware of any evidence of fraud or corruption within its organisation in connection with a project financed by the Bank.

The borrowing entity must maintain its own records concerning the project and designate a senior officer empowered to deal with the Bank on matters of fraud and corruption.

To help combat money laundering and the financing of terrorism, particularly in its activities outside the European Union, the EIB has undertaken to ensure that it works only with reputable promoters or intermediaries, checks their identity and integrity, applies strict procedures for the disbursement of funds and verifies the destination and movement of the funds.

Loan agreements signed with private sector borrowers undertaking projects in non-EU Member States require the borrower to ensure the legitimacy of the funds invested in the company and project.