The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) have agreed to deepen their cooperation; With the aim of improving the effectiveness of their financing in countries outside the European Union where both operate.
European Bank for Reconstruction and Development President Odile Renaud Basso and European Investment Bank President Werner Hoyer signed a Framework Agreement for Coordination and Cooperation in London on Monday; With the aim of enhancing the impact of their operations, which constitute a framework for enhancing cooperation on co-financing projects and platforms outside the EU, where they can be effectively implemented and expanded over time.
The framework agreement aims to cover all types of financing in the private and public sectors, provided that joint projects and other areas of cooperation are selected according to their integration and the extent of their joint impact. The agreement also allows for better coordination throughout the project cycle to achieve efficiency.
This joint approach aims to maximize the use of resources by increasing coordination throughout the joint project cycle, dividing roles and division of tasks to avoid duplication of work, enhancing information exchange, and aligning cooperation on joint projects with the needs and specificities of these projects.
The President of the European Bank for Reconstruction and Development, Odile Renaud Basso, said that this step is important in order to intensify cooperation between the European Bank for Reconstruction and Development and the European Investment Bank, the two institutions located at the heart of the financial structure established by the European Union for the purpose of development.
European Investment Bank President Werner Hoyer said: “The European Investment Bank is taking steps to enhance the global impact of Europe, as the Bank of the European Union, as we confront urgent challenges: climate change, connectivity, jobs, prosperity and sustainable post-pandemic recovery.”
He continued: “Our shareholders, the European Union member states, have asked us to develop a more effective partnership with the European Bank for Reconstruction and Development, and the agreement we signed today will better prepare our institutions to work together in an integrative way.”
The European Bank for Reconstruction and Development began operations in 1991 to support the transition of state-controlled economies to market economies based on the private sector after the fall of communism in Europe. The EBRD operates in 38 economies in Europe, Asia and Africa and has 72 shareholders from all over the world. The Bank is focused on mobilizing the private sector to support the green transition.
The European Investment Bank, which is jointly owned by 27 EU member states, has financed public and private sector investments outside the EU over 50 years.
The European Investment Bank operates in 160 countries, which include the European Free Trade Association (EFTA), the Eastern Mediterranean Neighborhood, the African, Caribbean and Pacific (ACP), the Overseas (OCT) and South Africa, as well as the Asian and Asian countries. Central and Latin America. The European Investment Bank’s 27 offices in Africa, Latin America and Asia help the Bank to carry out its missions outside Europe.
The article was an agreement between the “European Reconstruction Agency” and “European Investment” to coordinate their projects in the countries of operation. It was written in Al Borsa newspaper.