The European Union to boost cooperation with Latin-American and Caribbean countries and foster competitiveness and innovation
Commissioner for Development Andris Piebalgs and Vice President of the Commission Olli Rehn will sign today a Memorandum of Understanding between the Inter-American Development Bank (IDB) and the EU to further enhance their cooperation, with the aim of improving the economic and social development of the Latin American and Caribbean countries.
On the IDB side the Memorandum will be signed by its President Luis Alberto Moreno. With this arrangement, the IDB and the EU will explore potential synergies and collaboration opportunities in areas of shared interest such as citizen security, renewable energies and energy efficiency, environment and climate change, trade and private sector development, and public financial and fiscal management.
The signature will take place during the World Bank-International Monetary Fund Spring meetings in Washington DC, where Commissioner Piebalgs will also announce new funds of almost five million euro for the Competitive Industries and Innovation Programme Multi-Donor Trust Fund.
This contribution is part of a total commitment to the programme of 20 million euro, of which 15 million euro will be used to finance projects in African, Caribbean and Pacific countries. On the World Bank's side, the Agreement will be signed by Janamitra Devan, Vice-President for Private Sector Development.
The Programme objectives are to assist developing countries build innovative, competitive economies by harnessing the private sector to sustainably raise the living standards of the poor and to generate employment; identify specific opportunities for industry expansion, private sector innovation and entrepreneurship through targeted technical assistance; and promote direct and transparent collaboration between governments and the private sector.
Commissioner Piebalgs will represent the European Commission at the World Bank-IMF Development Committee meeting on 20 April in Washington DC. While in Washington, he will also attend the first meeting of the Sustainable Energy for All Advisory Board - a UN initiative to provide universal access to energy by 2030, as well as numerous side events of the World Bank-IMF Spring meetings.