News Releases

Nov 19, 2007

IDB and European Commission strengthen collaboration to improve economic and social development in Latin America

The Inter-American Development Bank (IDB) and the European Commission (EC) today signed an agreement to strengthen their collaboration through shared strategies and programs to improve the economic and social development in Latin America and the Caribbean.

The memorandum of understanding (MOU) was signed by IDB President Luis Alberto Moreno, Benita Ferrero Waldner, European Commissioner for External Relations, and Joaquín Almunia, European Commissioner for Economic and Monetary Affairs in Brussels, Belgium.

The IDB and the Commission agreed to concentrate their collaboration in five key areas:

  • Social cohesion and poverty reduction
  • Regional integration and trade development
  • Renewable energies and energy efficiency
  • Climate change
  • Statistics

In the area of social cohesion and poverty reduction, the parties agreed to collaborate in the development of social policies that promote social cohesion, including fiscal policy; promote social dialogue between all the participants in civil society; and encourage corporate social responsibility.

To further regional integration and trade development, the IDB and EC will consolidate regional institution building; strengthen the role of civil society and culture in the integration process; provide support for small and medium-sized enterprises to promote integration into the economic and trade development process through programs that promote competitiveness, development of sources of financing, improvement of market access, links with large firms, and human, social and cultural capital development.

The parties also agreed to promote renewable energy, energy efficiency and biofuels; encourage social programs for rural energy supply based on renewable energies; reinforce research and technological development in clean technologies; and encourage energy efficiency measures.

To combat climate change, the IDB and the EC will promote the sustainable use of natural resources; strengthen Latin America’s participation in international climate change discussions with a view to enhancing global cooperation on greenhouse gas emission reductions; support mechanisms that financially reward emission reductions and contribute to economic development; and facilitate the transfer of technologies for mitigation and adaptation to climate change.

The agreement also includes efforts to promote the exchange of data, methodologies and other statistical tools; enhance data comparability; and reinforce the development of indicators needed to support the other focal areas.

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