European Commission and Inter-American Development Bank sign Memorandum of Understanding

Summary by BIC

The European Commission and Inter-American Development Bank signed a Memorandum of Understanding on November 19th in Brussels to strengthen their cooperation in the Latin American region. The new memorandum updates the previous one from 2002 and outlines cooperation priorities for the two organizations, focusing on social and economic development.

The European Union is the leading donor in Latin America and the second foreign investor and trading partner. The memorandum aims to increase coordination on issues including social cohesion, poverty alleviation, regional integration, renewable energies, climate change and statistics.

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