EBRD President Odile Renaud-Basso and EIB President Werner Hoyer signed a Framework Project Cooperation Agreement in London on Monday with the goal of maximising their joint impact.

The framework operates within the remit of each institution’s mandate, policies and procedures and aims to cover all types of debt financing structures in the private or public sector. Joint projects and further areas of cooperation will be selected according to their complementarity and potential for joint impact.

The agreement will enable better coordination throughout the project cycle to achieve efficiency and harmonise the approach to joint projects, with an aim to optimise resources through greater coordination throughout the joint project cycle, allocation of roles and division of tasks to avoid duplication of work and enhanced information sharing.

The agreement further provides the flexibility to customise cooperation on selected joint projects to the needs and specificities of such projects.

“This is an important step towards intensifying the cooperation between the EBRD and the EIB, two institutions at the heart of the EU’s financial architecture for development. Leveraging our complementary business models in financing sustainable development in our countries of operations, our agreement today marks a concrete step to enhance our impact and effectiveness, with many more to follow,” said EBRD President Renaud-Basso.

On the other hand, EIB President Hoyer said that the EIB is taking steps to tackle the urgent challenges that face all countries; including climate change, connectivity, jobs and prosperity, building resilience, and supporting a sustainable post pandemic recovery.

“Our shareholders, the EU member states, have asked us to develop a more effective partnership with the EBRD, and the agreement we have signed today will equip our institutions even better to work together in a complementary way,” he added.

The EBRD started operations in 1991 to support the transition of state-controlled economies to private sector-based market economies after the fall of communism in Europe.

Today the EBRD operates in 38 economies in Europe, Asia and Africa and has 72 shareholders from all over the world. The Bank’s focus today is on supporting the green transition by crowding in the private sector. As a global institution with a European core the EBRD is actively supporting Team Europe with its investments and engagements.

The EIB, which is owned by the EU’s 27 member states, has financed investment benefiting both the public and private sector outside the European Union for more than 50 years. The EIB is active in 160 countries, including enlargement and European Free Trade Association (EFTA) countries, Eastern and Mediterranean neighbours, African, Caribbean and Pacific (ACP) countries, Overseas Countries and Territories (OCT) and South Africa, as well as countries in Asia, Central Asia and Latin America.

The EBRD has named Egypt as its largest investment and country of operation in 2020 and 2021 in the Mediterranean region.

Egypt is also a founding member of the EBRD, which has invested €7.7 billion in the country through 132 projects since the onset of its operations in Egypt in 2012.

For the EIB, the bank has had a longstanding partnership with Egypt for more than 40 years through financing and supporting the implementation of various projects aimed at boosting social and economic development and create job opportunities in the country with total funds amounting to €9.8 billion extended by the bank to Egypt over these years.