A Memorandum of Understanding between the European Commission, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) was signed in Brussels today by European Commissioner Olli Rehn, EIB President Philippe Maystadt and EBRD President Thomas Mirow.
The memorandum sets out a new framework for cooperation between the EBRD and EIB for their activities outside of the EU region. It aims to enhance the combined impact of the two banks' operations in the interest of both the beneficiary countries and the banks' shareholders. Strong cooperation and coordination will make the best use of the core competencies and comparative advantages of both organisations.
European Commissioner Olli Rehn stated: "The European Commission strongly supports the Memorandum of Understanding as a way of further enhancing the cooperation between the two institutions and will play a key role in this process by chairing a Steering Committee that will coordinate this future collaboration."