Visit of Robert Zoellick, President of the World Bank, to José Manuel Barroso and Joaquín Almunia, and extracts from the signing of a framework agreement between the EC and the World Bank
José Manuel Barroso, President of the EC, welcomed Robert Zoellick, President of the World Bank, on 20 March 2009 in Brussels, for the signature of a new Framework Agreement enabling the Commission to co-finance trust funds set up by the World Bank group.
The new agreement replaces one signed in 2001, which resulted in the amount of Commission funds channelled each year through trust funds administered by the World Bank rising from just 11 million euro to over 500 million euro. This Framework Agreement is an administrative agreement with the World Bank Group which sets the terms and conditions under which the European Community will contribute to financing activities of the trust funds administered by the World Bank Group. It is consistent with the new financial and legal requirements of the Commission, as established in its rules and regulations, and to the structure and organisation of trust funds developed by the World Bank in the last months. It also aims at ensuring a more efficient and effective delivery of aid to partner countries, in line with the Paris Declaration and the Accra Agenda. The new agreement reflects the European Commission's need for assurance in relation to the use of its funds and the requirements of the Financial Regulation. It also reflects the measures introduced by the World Bank in recent years to strengthen and streamline its management of trust funds. SHOTLIST