Although about 90 percent of projects financed by the EIB are based in EU member countries, the bank does fund projects in about 150 other countries—non-EU Southeastern European countries, Mediterranean partner countries, ACP countries, Asian and Latin American countries, the members of the Eastern Partnership and Russia.[9] According to the EIB, it works in these countries to implement the financial pillar of the union's external cooperation and development policies by encouraging private sector development, infrastructure development, security of energy supply and environmental sustainability. EU finance ministers have "called on all multilateral development banks, such as the World Bank and the Asian Development Bank, to phase out financing of fossil fuel projects."[10]