01.03.2011 - An agreement to maximise synergies between the activities of the three partners was signed on 1 March.
Commissioner Rehn, President Maystadt and President Mirow today signed a Memorandum of Understanding enhancing cooperation between the European Commission, the European Investment Bank (EIB) together with the European Investment Fund (EIF), and the European Bank for Reconstruction and Development (EBRD). This agreement will maximise synergies between the activities of the three partners in common countries of operation by supporting collaboration and cooperation between the two Banks along the lines of their respective strengths, expertise and capacities.
Effective cooperation among International Financial Institutions is extremely important to the EU because it helps to support the fulfilment of EU external policy objectives in partner countries. The tripartite Memorandum with the EIB and the EBRD will provide a structured mechanism to reinforce political and operational dialogue between the three institutions and create even greater synergies between the financial instruments and the grant-loan blending facilities managed by the European Commission.
The European Commission, the EIB and the EBRD have a long tradition of cooperation since the early 1990s. This cooperation has supported countries in Central and Eastern Europe in their transition towards open, market-oriented economies, helping them substantially in their progress towards EU accession or partnership. The tripartite agreement will facilitate financing of projects in common countries of cooperation outside the EU, i.e. Pre-Accession countries, EU Eastern Neighbourhood countries and the Russia Federation, Central Asia and Mongolia.
In the aftermath of the financial crisis, the challenges faced by EU partner countries are considerable. Against this backdrop and in the context of the strategic reflection occasioned by the Mid-Term Review of the EIB external mandate and by the EBRD’s Fourth Review of Capital Resources, the three partners have set out a new framework for cooperation outside the EU. Notably, the Memorandum of Understanding paves the way for enhanced cooperation at both strategic and project level in the areas of Climate Change Mitigation and Adaptation, Energy Security, as well as support to the Financial Sector (notably for SMEs), the Corporate Sector and support for Infrastructure (energy, environment, telecommunications and transport). The agreement seeks to enhance the combined impact of respective operations while meeting the needs of beneficiary countries and the aspirations of the institutions’ shareholders.