Memorandum of Understanding between the European Commission, the European Investment Bank together with the European Investment Fund and the European Bank for Reconstruction and Development in respect of Cooperation outside the European Union

The present Memorandum of Understanding (the “MoU”) updates the MoU signed in March 2011, taking account of the first review of the MoU which took place in March 2012. It sets out a framework for cooperation outside the EU which seeks to enhance the combined impact of the two Banks’ respective operations, in the interest of beneficiary countries and of the respective Banks’ shareholders. This update extends the list of regions of common operation outside the EU to include the Southern and Eastern Mediterranean region.