IMF and EIB Strengthen Cooperation on Capacity Development
8 October 2015
The European Investment Bank (EIB) and the International Monetary Fund (IMF) have signed a Memorandum of Understanding (MOU) that enables the two organizations to enhance their close cooperation in advancing the Sustainable Development Goals (SDGs) and in supporting capacity development and institution-building. IMF Deputy Managing Director Carla Grasso and Ambroise Fayolle, EIB Vice-President responsible for innovation, signed the agreement today in Lima, Peru on the margins of the IMF-World Bank Annual Meetings.
At the conclusion of the signing ceremony, Ms. Grasso made the following statement: “This Memorandum of Understanding comes at a very important time, in the wake of the international conferences on Financing for Development in Addis Ababa in July and the Sustainable Development Goals in New York in September, and ahead of the follow-up international conference on climate change in Paris later this year. I am very happy that today we are joining forces on advancing the Sustainable Development Goals (SDGs) and strengthening capacity development efforts in order to address global economic challenges in the context of the post-2015 development agenda.
Mr. Fayolle emphasized: “The EIB is looking forward to reinforcing the joint efforts toward sustainable economic development, financial stability, and inclusive growth. Partnerships are the key to the SDGs’ success and cooperation between IFIs in advancing the post-2015 agenda is critical. This new partnership with the IMF will benefit the membership of the two institutions by promoting synergies and leveraging financial resources for capacity development”.
Given the compatible missions of the EIB and the IMF and their deep commitment to promote, develop, and strengthen global financial stability, inclusive economic growth, and sustainable economic development, the signing of this Memorandum of Understanding represents a key step in fostering the two institutions’ capacity development efforts. Since 2005, EIB has been supporting IMF capacity development by participating in the IMF’s regional vehicles, including the Middle East Regional Technical Assistance Center (METAC) and the network of five Africa Regional Technical Assistance Centers (AFRITACs); it has contributed a total of about $5 million to these initiatives between FY06-15.
Both institutions seek to strengthen their successful partnership in capacity development to the benefit of their membership. Under this MOU, EIB and the IMF will harness respective strengths and expertise to foster even greater successes in the years ahead.
Today, the EIB and the International Monetary Fund (IMF), signed a Letter of Understanding to pool their expertise and experience to promote sustainable economic development, financial stability and inclusive growth in Africa.
The EIB and the IMF are doing more together to promote economic stability in Europe and beyond. At a meeting today at the headquarters of the EU bank in Luxembourg, EIB President Werner Hoyer and the Managing Director of the International Monetary Fund Christine Lagarde took stock of progress of complementary efforts by the two institutions.
A new online course, free of charge for local banks and other financial institutions and aimed at increasing understanding of financial market development and inclusion, has been launched this week at the IMF/World Bank Group annual meetings in Washington DC.