In an increasingly geopolitical global order, Western-dominated multilateralism faces an existential crisis. Interlocking crises, such as the COVID-19 pandemic and the war in Ukraine, have strained multilateral processes, prompting a shift towards more strategic development cooperation in Europe’s Southern Neighbourhood. The Team Europe approach emerges in this context. This new framework for increased coordination between European development actors constitutes the pooling of resources of the EU, its member states, national development finance institutions (DFIs), the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). This research seeks to investigate the effectiveness of this new approach in enhancing multilateral development cooperation in Tunisia. By employing a new intergovernmentalist lens and examining qualitative data from expert interviews, this study finds that the Team Europe approach is only marginally effective at delivering a more coordinated European development policy that enhances multilateral development cooperation in Tunisia and the Southern Neighbourhood.