The Commission and the Inter-American Development Bank team up on economic and social development in Latin America and the Caribbean
Today, The European Commission (EC) and the Inter-American Development Bank (IDB) signed a Framework Agreement to expand cooperation between the two institutions on economic and social development in Latin America and the Caribbean. This is the first ever Framework Agreement to be signed by the Commission and a Regional Development Bank.
This follows the Memorandum of Understanding which was signed between President Moreno and European Commission President, José Manuel Barroso, on 19 November 2007. The Memorandum identified several areas of shared priority: social cohesion and poverty reduction; regional integration and trade development; renewable energies and energy efficiency; climate change; and collaboration on statistical information. The new agreement will establish the guidelines under which resources from the European Commission would be administered by the Inter-American Development Bank.