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Thursday, 21 April 2016

EC and WB sign agreement to boost development cooperation

The European Commission and the World Bank Group signed a Framework Agreement on Friday, 15 April 2016, to further their cooperation on the implementation of development projects across the globe. This agreement sets the terms under which the World Bank will disburse EU budget money on development projects on the ground. With this agreement, we're upgrading the strategic partnership between the European Commission and the World Bank to fight poverty around the world. We can accelerate delivery of our funds and increase the transparency of our joint projects for the benefit of people in the developing countries said European Commission Vice-President, Kristalina Georgieva, at the signing ceremony. World Bank Vice President Axel van Trotsenburg added: "The challenges faced by our clients are increasingly complex and require innovative thinking and partnerships. This agreement with the European Commission reinforces the EC’s role as a key partner in our strategic, policy and operational efforts to reach the goal of ending extreme poverty and increasing shared prosperity."