The Memorandum of Understanding signed on 17 January by the Vice-President of the European Investment Bank responsible for FEMIP and the Secretary General of the Union for the Mediterranean will allow to establish a close collaboration in the Mediterranean region in areas of economic, social and sustainable development. It will mark a significant step in the operational activity of the Union for the Mediterranean.

The Memorandum of Understanding signed by the European Investment Bank (EIB) and the Secretary General of the Union for the Mediterranean (UfM) aims at implementing a global and regional strategy of development in order to reinforce policy and business networks in the Mediterranean. It also seeks to create a prosperous and sustainable Euro-Mediterranean region by further socio-economic development and private sector investments.

The EIB already acts in the Mediterranean area by supporting projects which contribute to economic development in the area through the Facility for Euro-Mediterranean Investment and Partnership (FEMIP) set up in 2002. The FEMIP is the EIB’s financial arm in the Mediterranean region. Within the framework of the European Neighborhood Policy and the Union for the Mediterranean, the FEMIP aims to promote the economic and financial development of the Mediterranean partner countries.

Key objectives of the MoU between EIB and the Union for the Mediterranean

• Sharing of information in order to promote the implementation of the UfM priority projects: collaboration in the exchange of information on projects, initiatives, events and studies, avoiding 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: collaboration 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: collaboration 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.