EBRD and World Bank to address global challenges together

Green Forum
The European Bank for Reconstruction and Development (EBRD) and the World Bank Group (WBG) have entered into a memorandum of understanding (MOU) to strengthen their collaboration and effectively address global challenges together. The EBRD has established strong institutional connections, including project co-financing and policy coordination, with all members of the WBG - the IBRD, IFC, and MIGA. This MOU aims to elevate this partnership to a higher level.

Recent global crises, such as COVID-19 and the conflict in Ukraine, have necessitated multilateral development banks (MDBs) to deepen their involvement in global economies and explore further areas of cooperation that can benefit the regions where they operate jointly.

The MOU aims to build upon the existing collaboration between the EBRD and the WBG by synergizing efforts to address pressing global challenges. It identifies four key areas of cooperation: climate action, enhancing connectivity, promoting economic resilience and recovery in Ukraine, and fostering engagement with the private sector.

Odile Renaud-Basso, President of the EBRD, welcomed the MOU, emphasizing the importance of international financial institutions joining forces to support their clients and the countries where they operate amidst multiple global crises.

Ajay Banga, President of the World Bank, highlighted the deliberate efforts across multilateral development institutions to maximize capacity for delivering results. He emphasized specialized expertise when needed, unified collaboration where possible, and ongoing exploration for areas of joint action.

Regarding Ukraine, the EBRD and the WBG will continue their support by collaborating on investments and technical assistance to enhance economic resilience, institutional capacity, and emergency recovery and reconstruction efforts.

In climate action, the institutions aim to facilitate a sustainable energy transition in their shared regions while promoting connectivity through energy and trade initiatives.

Furthermore, the MOU focuses on enhancing private-sector co-financing, aiming to achieve greater efficiency and effectiveness through collaborative efforts.

Through this MOU, the EBRD and the WBG will work together on shared objectives, leverage complementarities, and strengthen the pipeline of joint projects to maximize impact on the ground.

The EBRD's mandate focuses on fostering the transition to sustainable and private sector-led economies across its operational countries, while the WBG's mission is to end poverty and promote prosperity for a sustainable planet.

In 2023, the EBRD achieved a record €13.1 billion in investments across its economies, marking significant milestones for the Bank, including record levels of investments, green financing, disbursements, and support for the private sector.

Green Forum  |  17 May, 2024 at 9:00 AM