Today the European Investment Bank (EIB) and the United Nations Development Programme (UNDP) signed a Memorandum of Understanding directed at boosting cooperation toward achieving the new Sustainable Development Goals by 2030.
EIB President Werner Hoyer and UNDP Administrator Helen Clark signed the accord in Washington DC alongside the World Bank-IMF Annual Meetings. The agreement envisages expanded cooperation in key thematic areas including addressing climate change, responding to challenges such as the ongoing migration and forced displacement crisis, and promoting inclusive markets and entrepreneurship—generating much-needed jobs, particularly for youth.
“Achieving the SDGs means tackling the world’s toughest challenges, often in fragile and conflict-affected contexts where people are most vulnerable and needs are most acute,” Helen Clark said in a statement.
“Scaling up our work with partners such as the EIB with its large-scale investment capacities, high leveraging abilities, and development finance expertise will ensure we finish the job and leave no one behind.”
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Werner Hoyer said, “UNDP’s global presence, local knowledge, technical and policy expertise, as well as its high social and environmental standards make it an excellent partner for EIB.”
“As the European Union’s Bank, we welcome the opportunity for a long-term relationship with UNDP. The action plan defined for joint collaboration is an excellent way forward to build on and expand our highly successful existing collaboration in Western Balkans, Armenia, Moldova, Serbia, and Ukraine–and to build a more sustainable, peaceful, and resilient world.”
The Memorandum of Understanding signed today aims to streamline, enhance, and simplify UNDP-EIB cooperation. Combining EIB financial and technical expertise with UNDP in-depth country knowledge and capacity-building expertise is expected to expand outreach, achieve higher sustainable development impact, improve loan performance, reduce lending costs, and advance innovative, high-impact instruments and solutions.