The Inter-American Development Bank and the European Investment Bank today signed a memorandum of understanding to establish a framework of cooperation between both institutions to support social and economic development in Latin America and the Caribbean.
IDB President Enrique V. Iglesias and EIB Vice President Isabel Martín Castellá signed the document in a ceremony held at the IDBs headquarters in Washington, DC.
The IDB and the EIB, the European Unions long-term financing institution, have collaborated in the past by providing parallel financing for projects in Latin America and the Caribbean. The EIB has also signed framework agreements with most Latin American countries.
Under the new understanding, the IDB and the EIB will be able to deepen and expand their cooperation, particularly in support of regional integration strategies such as Plan Puebla Panama and the Initiative for Integration of South American Regional Infrastructure.
Among other forms of collaboration, the Banks could jointly finance projects, cooperate on regional integration programs, promote public-private partnerships and facilitate foreign direct investment in Latin America and the Caribbean.