The FINANCIAL — Philippe de Fontaine Vive, Vice-President of the European Investment Bank (EIB), responsible for FEMIP and Ahmad Masa’deh, Secretary General of the Union for the Mediterranean (UfM), signed on 17 January 2011 a cooperation memorandum of understanding (MoU) for establishing a close collaboration in the Mediterranean region in the areas of economic, social and sustainable development, in close link with the UfM’s priorities.
The MoU has the aim of implementing a global and regional strategy of development in order to reinforce policy and business networks in Mediterranean and to create a prosperous and sustainable Euro-Mediterranean region by further socio-economic development and private sector investments.
The MoU is based on six concrete and joint actions:
Sharing of information in order to promote the implementation of the UfM priority projects. The two parties agree to closely collaborate in the exchange of information on projects, initiatives, events and studies, thus avoiding any possible overlapping and trying to complement the other Party’s views in order to increase the value added of the final outcome.
Promoting UfM projects in order to facilitate the financing and implementation of UfM priority projects.
The parties agree to collaborate in order to facilitate the financing and implementation of such UfM projects identified and chosen by the UfM Secretariat (UfMS) and in accordance with its priorities. More specifically, and upon request from the UfMS, EIB may provide support with regards to the processing of projects in the form of carrying out project analysis in view of their possible funding by financial institutions.
Promoting a better understanding of the region: UfMS and EIB agree to collaborate in the area of studies and research; recognizing that an improved knowledge of the region’s economic and financial characteristics would help them to better attune their policies to the UfM countries’ needs and priority projects.
Enhancing visibility and raising awareness about the UfM priority projects among stakeholders in the region including the media, via events, conferences and seminars.
Networks building in order to implement their overall strategy. More specifically, EIB will facilitate the liaison between the UfMS and the business community, notably chambers of commerce, professional associations, banking organizations, relevant think-tanks and NGOs. Reciprocally, EIB could be associated in UfMS specialized platforms and structured networks.
Secondment of staff: the privileged relationship between EIB and the UfMS is also reflected by placing EIB experts within the Secretariat.
The signed agreement marks a significant step in the operational activity of the Union for the Mediterranean, underlined in these terms by Philippe de Fontaine Vive, Vice-President of EIB: “I am convinced that the closed and fruitful collaboration between EIB and the UfM Secretariat is the best efficient response to the actual challenges facing the Euro-Mediterranean region, such as economic and sustainable development, social cohesion and employment. This will support and speed up the implementation of Union for the Mediterranean priority priorities like the Mediterranean Solar Plan, the Depollution of the Mediterranean, the Land and Sea Highways and the support of micro, small and medium size enterprises through the Multilateral Business Development Initiative.”
Secretary General Ahmad Masa’deh said: “Investment and the facilitation of investment are of critical importance for the creation of jobs and for the financing of the basic regional and trans-national infrastructures in the Mediterranean. The MoU concluded today between the EIB and the Secretariat of the Union for the Mediterranean, constitutes a major step towards the effective collaboration between two major players in the region: the EIB as the major lender to Mediterranean countries and the UfM Secretariat as the institution charged by Euro-Mediterranean Heads of State and Government to identify, promote and facilitate projects. Two regional institutions join their efforts for the benefit of a region that needs new sources of employment, capital and labor intensive investments and tangible and real projects that can impact the livelihoods of their people”.
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