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IDB and the European Union deepen cooperation to promote development in the Americas

Memorandum of understanding highlights joint efforts to improve economic and social development in the region

The Inter-American Development Bank (IDB) and the European Union (EU) today signed a memorandum of understanding to further enhance their cooperation, with the aim of improving the economic and social development of the Latin American and Caribbean countries.

The Agreement was signed by IDB President Luis Alberto Moreno, EU Commissioner for Development Andris Piebalgs and Vice President of the Commission Olli Rehn.

The IDB and the EU will explore potential synergies and collaboration opportunities in areas of shared interest such as citizen security, renewable energies and energy efficiency, environment and climate change, trade and private sector development, and public financial and fiscal management.

The agreement builds on an accord signed in 2007, which aimed at securing synergies to ensure that development cooperation budgets for the region from both organizations would be used as effectively as possible.

About IDB and EU

The IDB, a leading source of development financing for Latin America and the Caribbean, supports efforts by countries in the region to reduce poverty and inequality in a sustainable and climate-friendly way. The IDB has 48 member countries, 13 of which are EU member states.

The EU is an economic and political union of 27 member states in Europe. The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states.

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