World Bank European Commission Framework Agreement

Building on the long-standing cooperation of partners, the agreement will promote economic growth and digital development, create jobs, strengthen skills, support fragile and conflict-affected states, combat climate change and address gender inequalities around the world. In addition, the agreement will help accelerate the joint response of partners to COVID-19, including support for small and medium-sized enterprises in emerging countries. “COVID-19 has significantly increased the complexity of the challenges facing our customers. Our partnership with the European Commission is more important than ever as we work together to end extreme poverty, increase prosperity and improve the lives of millions of people around the world,” said Axel van Trotsenburg, World Bank Director General of Operations. “This agreement marks a new step in our long-standing partnership with the European Commission,” said Philippe Le Houérou, IFC Chief Executive Officer. “We look forward to expanding this cooperation into new areas, including promoting policy reforms that help the private sector solve development challenges in emerging countries.” WASHINGTON, July 8, 2020 – The European Commission and the World Bank Group today signed a partnership agreement on the financial framework that sets out the conditions under which the banking group will use EU funds to implement development projects around the world. For the period 2015-2019, the European Union has released 2.07 billion euros ($2.34 billion) into the banking group`s trust funds, including the World Bank, IFC and the Multilateral Investment Guarantee Agency, to strengthen the performance of countries around the world. There are many examples of successful development projects in different countries of the world: Afghanistan, Ukraine, Turkey, Somalia and the Sahel. Philippe Le Houérou, Chief Executive Officer of the IFC, sees this agreement as a new step in a long-standing partnership with the European Commission. The IFC Chief Executive Officer said the IFC wanted to strengthen cooperation in new areas, including promoting policy reforms that help address the challenges of private sector development in emerging countries. “Over the years, the European Commission and the World Bank Group have together helped millions of people around the world lead better lives. With today`s agreement, we will equip ourselves with a renewed toolkit to more effectively address today`s many more complex global challenges,” said Johannes Hahn, European Commissioner for Budget and Administration. The European Commission and the World Bank Group signed a framework agreement for the first time in 2001.

The new cooperation agreement is an update and extension of an earlier 2016 agreement and sets out the terms of cooperation between the two organizations.