The Grand Duchy of Luxembourg is stepping up its support for young talent from African, Caribbean and Pacific (ACP) countries and the Southern Neighbourhood regions (Middle East and North Africa) by sponsoring an EIB training programme. Under the programme, the EIB will train 60 young professionals at the Bank over three years to transfer knowledge, promote talent and develop joint capabilities for the benefit of all partner countries.
The total contribution of the Luxembourg Ministry of Finance amounts to €1.3 million. The funds will be channelled through a trust fund managed by the EIB under the Partnerships Platform for Funds, the Bank’s framework for managing donor funds.
In addition to providing work experience for young professionals within a multilateral financial institution and one of the biggest financiers of climate and environmental finance in the world, the training programme will create an important network for the Bank and for these young professionals in the long term.
The new agreement was signed by Luxembourg Minister of Finance Yuriko Backes and EIB President Werner Hoyer. Both highlighted their joint efforts to contribute to EU policy objectives and support emerging and developing countries in these challenging times.
“Luxembourg is a key bilateral donor of EIB programmes and is proud to continue supporting new initiatives,” said Yuriko Backes. “As a hub for green, responsible and sustainable finance, we want the European Union to spur investments in partner countries. This new talent programme will help Europe attract young people from all over the world to participate in our joint endeavour and share knowledge that will help them to contribute to economic and social progress in their home countries.”
“This programme reflects EIB Global’s ambition to build partnerships worldwide,” said Werner Hoyer. “We are grateful to the Luxembourg government for their contribution in setting it up. Together, we will support and train 60 young professionals, giving them an opportunity to gain sound experience in an international environment and develop expertise in various fields. I am confident that the young trainees will join EIB Global’s mission to create strong international ties and build long-lasting partnerships around the globe.”
Background information
EIB Global is the arm of the EIB Group devoted to increasing the impact of international partnerships and development finance. It is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
EIB Global works with donors to create trust funds and provide in-depth support for meaningful projects across the world through technical assistance, grants and loan guarantees. EIB Global manages ten trust funds financed by our donors (currently 24 EU countries, the European Commission and the United Kingdom).
See the publication Trust Funds in Action (eib.org) for an up-to-date overview of our range of trust funds and an explanation of how we work together with our partners to go the extra mile, and Financial Inclusion Fund (eib.org) for an overview of the fund that was launched by the EIB and the Luxembourg government in 2019 to provide support to financial service providers that focus on vulnerable groups as well as directly to microentrepreneurs.
