The U.S. International Development Finance Corporation (DFC) and the European Investment Bank (EIB) today signed a Memorandum of Understanding (MOU) to foster their cooperation in identifying and supporting new investments globally. EIB President Dr. Werner Hoyer and DFC CEO Scott Nathan signed the MOU at an event on the sidelines of the 2023 Spring Meetings of the World Bank Group and International Monetary Fund.
The MOU between DFC and EIB builds on the U.S.-EU transatlantic partnership and the two organizations’ shared commitment to democratic values and priority investment sectors. The MOU will enable possible projects in Africa, the Indo-Pacific, Latin America and the Caribbean, the Middle East, and the Western Balkans. Potential investments will focus on strategic areas for both the European Union and the United States, including energy security, information and communications technology (ICT), health services and infrastructure, water and wastewater, climate action, and nature-based solutions.
The MOU signed today has a focus on efforts by the two organizations to mobilize the private sector in support of joint investments globally – through collaboration on joint initiatives and projects.
“DFC looks forward to closer collaboration with EIB. Mobilizing private capital around the developing world in key sectors is critical for to increasing access to reliable and sustainable energy, closing the digital divide in a safe and secure way, fostering secure and resilient health systems and infrastructure, and improving access to essential water and wastewater services,” said DFC CEO Scott Nathan. “The MOU underscores our shared goal of investing alongside the private sector in opportunities that will advance the development and foreign policy priorities of the U.S. and EU.”
“We warmly welcome today’s agreement. Measures to ensure a stable future for our communities and our planet will depend on more connected, impactful and strategic investment around the globe where the US-EU partnership is critical. Partnering with the DFC represents a tangible pooling of our strengths and expertise to drive finance into projects that can help us tackle climate change, the energy crisis as well as cybersecurity threats. A shared development effort can deliver impact for communities around the world and improve our collective security and well-being,” said EIB President Werner Hoyer.
“We are today delivering on an important commitment of the EU-U.S. Trade and Technology Council (TTC), which is to support developing and emerging economies with strategic investments. This MoU with the EIB and the DFC focusses on financing digital infrastructure, cybersecurity and secure connectivity, among others. It is evidence of the transatlantic goal to make a positive impact globally, based on our shared values, and I look forward to similar initiatives in future,” said Executive Vice-President of the European Commission, Valdis Dombrovskis.