European Commission and World Bank Group renew agreement to strengthen development cooperation

European bank

(Credit: Unsplash)

This article is brought to you in association with the European Commission.


The European Commission and the World Bank Group have today signed a Financial Framework Partnership Agreement, which guides the terms under which the Bank Group will use funding from the European Union to implement development projects across the world.

Building on the partners’ longstanding cooperation, the agreement will encourage economic growth and digital development, create jobs, reinforce skills, provide support to fragile and conflict affected states, fight climate change and address gender inequalities around the world. In addition, the agreement will help accelerate the partners’ joint response to COVID-19, including support to small and medium businesses in emerging economies.

Johannes Hahn, European Commissioner for the Budget and Administration, said: “Over the years, the European Commission and the World Bank Group have together helped millions of people around the world live better lives. With today’s agreement, we are equipping ourselves with a more renewed toolbox to more effectively address today’s more numerous and more complex global challenges.”

Axel van Trotsenburg, World Bank Managing Director for Operations, said: “COVID-19 has added a new layer of complexity to the challenges faced by our client countries. Our partnership with the European Commission is now more important than ever as we work together to end extreme poverty, increase shared prosperity, and improve the lives of millions of people around the world.”

For the period 2015–2019, the European Union contributed €2.07 billion (US$2.34 billion equivalent) to Bank Group trust funds–including the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA)–to strengthen country outcomes around the world.

Examples include development projects in Afghanistan, Ukraine, Turkey, Somalia, and the Sahel, as well as support for global partnerships such as the Global Facility for Disaster Reduction and Recovery, which helps developing countries better understand and reduce their vulnerability to natural hazards and climate change.

This agreement marks a new milestone in our long-standing partnership with the European Commission,” said Philippe Le Houérou Chief Executive Officer of IFC. “We look forward to expanding this collaboration in new areas, including to promote policy reforms that help bring in the private sector to solve development challenges in emerging markets.”

In Ukraine, IFC partnered with the European Commission and other development actors to help the government reduce energy waste and greenhouse gas emissions in the residential housing sector.

“This is an historic occasion bringing all World Bank Group entities together with the European Commission,” said Hiroshi Matano, Executive Vice President of MIGA. “MIGA has long recognized the value of trust funds, which enhance our efforts to support challenging situations and are often difficult to serve through our traditional products.”

The European Commission’s support has also helped MIGA extend its development impact to conflict-affected and fragile situations, and to projects in Africa, which benefitted from the agency’s environmental and social expertise.

Background

The European Commission and the World Bank Group first signed a framework agreement in 2001. The new cooperation agreement is an update and expansion of a previous agreement dating from 2016 and sets out the modalities through which the two organisations partner. The Financial Framework Partnership Agreement enables the parties to enter into a long-term cooperation that involves innovative instruments and cements the relationship with mature partners such as the World Bank Group.

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

I accidentally went viral on TikTok. I learned we failed our youngest generation.

“The Belt and Road Initiative aims to promote peace, development and stability”, Ambassador Zhang of the Chinese Mission to EU highlights from European Business Summit 2018

Our tourism system is broken – time to customize

Dozens of children at risk as clashes in Hudaydah near hospital – UNICEF

Can autonomous cars make traffic jams a thing of the past?

UN chief sends condolences to families of Malawi flood victims

Trade in fake Italian goods costs economy billions of euros

UN envoy ‘encouraged’ by latest talks on avoiding ‘worst-case scenario’ in Syria’s Idlib

5 things to know about the Western Balkans

Countries must make teaching profession more financially and intellectually attractive

Will Brexit shatter the EU or is it still too early to predict?

MEPs commend Ukraine‘s reform efforts and denounce Russian aggression

Budget MEPs approve €104.2 m in EU aid to Greece, Spain, France and Portugal

Containers at the port of Tokyo. (Copyright: European Union, 2016. Source: EC - Audiovisual Service. Photo: Haruyoshi Yamaguchi)

EU cuts fast-track free trade deals with Japan and Singapore and leads the trade scene

Telemedicine and the Brazilian reality

Don’t take African generosity towards refugees for granted, says UN refugee chief

Brexiteer May gets lip-service from Trump and Turkish promises from Erdogan

UNICEF delivers medical supplies to Gaza in wake of deadly protests

New York high school students are getting free water bottles to cut plastic waste

EU: All economic indicators in free fall

8 amazing facts to help you understand China today

Denmark plans ‘Silicon Valley’ on 9 artificial islands off Copenhagen

Deal on digitalisation of access to justice will benefit citizens

The 28 EU leaders show contempt for the European Elections results

First-ever EU defence industry fund to finance joint development of capabilities

Brexit negotiations: back to square one, tougher words, no good faith

Mario Draghi quizzed for last time by Economic and Monetary Affairs Committee

Antimicrobial resistance: how can an intersectoral approach between society and healthcare professionals be developed and applied?

EU Leaders’ meeting in Sofia: Completing a trusted Digital Single Market for the benefit of all

Who will secure Lithuania?

UN condemns Syrian ‘war on children’ as up to 30 reportedly killed in clashes

Number of MEPs to be reduced after EU elections in 2019

How cities are failing to be inclusive – and what they can do about it

Coronavirus: Commission welcomes Parliament’s quick green light for proposed new resources to protect lives and livelihoods

Thursday’s Daily Brief: Poverty report reveals ‘vast inequalities’, measles compounds DRC Ebola woes, Guterres visits Mozambique, Bangladesh update, freedom of expression online

Japan’s holiest shrine is pulled down and rebuilt every 20 years – on purpose

MasterCard at European Business Summit 2015: A focus on innovation will drive inclusive economic growth for Europe

Parliament toughens its position on banking union

Education critical to ensure future of forests, and reverse their destruction

Sustainable Development Goals: making the world a better place

“China is the only BRICS country to have either met or possibly slightly surpassed my expectations”, BRICS inventor Jim O’ Neil from Switzerland; the Sting reports live from World Economic Forum 2015 in Davos

The future of international election observation missions

EU-US resume trade negotiations under the spell of NSA surveillance

Ukraine: Temperatures plunge amid rising humanitarian needs

Russia must urgently step up fight against foreign bribery

Bayer’s cross at night (Copyright: Bayer AG)

The EU clears Bayer-Monsanto merger amid wide competition and environmental concerns

Bank resolutions to remain a politically influenced affair

Asymptomatic, pre-symptomatic, symptomatic: what is the difference?

This AI trash can is designed to stop you wasting food

To hope or doubt? The state of women’s progress in the world

EU, Canada and China co-host international meeting on climate cooperation and a sustainable economic recovery

‘Stand united against anti-Muslim hatred’ urges Guterres, after mosque shootings in New Zealand leave 49 dead

The ocean is teeming with microplastic – a million times more than we thought, suggests new research

UN commission agrees roadmap on ensuring women’s social protection, mobility, safety, and access to economic opportunities

South Africa’s economy in 5 charts

Four things the UN chief wants world leaders to know, at key COP24 climate conference opening

Betazone: The Beauty of Inclusion

5 ways to make your organization a great sustainability partner

“Move fast, build to last: Europe’s new generation” – op-ed by Ursula von der Leyen, President of the European Commission

Why we need a Paris Agreement for nature

More Stings?

Advertising

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s