IMF and EIB, “valued and valuable” cooperation in and outside EU
The EIB and the IMF are doing more together to promote economic stability in Europe and beyond. At a meeting today at the headquarters of the EU bank in Luxembourg, EIB President Werner Hoyer and the Managing Director of the International Monetary Fund Christine Lagarde took stock of progress of complementary efforts by the two institutions.
While the IMF gives financial assistance to countries hit by crisis, the EIB invests in infrastructures and companies to support projects in the real economy. The common goal is to foster sustainable growth. Outside Europe, both institutions support a wide range of development efforts.
Lagarde and Hoyer discussed the progress that programme- and post-programme countries such as Portugal, Spain, Ireland, Greece and Cyprus have made in the last two years. Under a special memorandum of understanding between the EIB and the IMF, the two institutions work to deliver the sustainable development goals by increasing mutual development capacity and fostering expertise.
President Hoyer said: “The respective missions of the EIB and the IMF are complementary. We both share a deep commitment to promote, develop and strengthen global financial stability, inclusive economic growth, and sustainable economic development. In this context our cooperation is both highly valued and extremely valuable in Europe and beyond its borders.”
Christine Lagarde said: “Strengthening cooperation between our two institutions in Europe and beyond, including reinforcing capacity development in Africa, will be an important contribution to helping countries achieve the sustainable development goals. The IMF assists countries in achieving macroeconomic stability, a key prerequisite for investment, which the EIB can help deliver.”