European Commission and World Bank sign agreement to boost development cooperation

The European Commission and the World Bank Group signed a Framework Agreement on Friday, 15 April 2016, to further their cooperation on the implementation of development projects across the globe. This agreement sets the terms under which the World Bank will disburse EU budget money on development projects on the ground. The agreement was signed by Vice-President Kristalina Georgieva on behalf of the European Commission and by Vice-President Axel van Trotsenburg on behalf of World Bank. The European Commission and the World Bank first signed a cooperation agreement in 2001. The current document is a revision of an agreement dating from 2014. The revision of the agreement adjusts to the revised funding model of the World Bank, with clarified remuneration, accountability, simplification and increased transparency. For the period 2010–2015, the European Commission has contributed over 2.0 billion euro to the World Bank Trust Funds, thus becoming the third biggest contributor. More information is available here, pictures are on EbS.