The United Nations Development Programme (UNDP) and European Investment Bank (EIB) today signed a Memorandum of Understanding aimed at boosting collaboration toward achieving the new Sustainable Development Goals by 2030.

EIB President Werner Hoyer and UNDP Administrator Helen Clark signed the accord in Washington DC alongside the World Bank-IMF Annual Meetings. The agreement envisages expanded cooperation in key thematic areas including addressing climate change, responding to challenges such as the ongoing migration and forced displacement crisis, and promoting inclusive markets and entrepreneurship—generating much-needed jobs, particularly for youth.

“Achieving the SDGs means tackling the world’s toughest challenges, often in fragile and conflict-affected contexts where people are most vulnerable and needs are most acute,” Helen Clark said in a statement. “Scaling up our work with partners such as the EIB with its large-scale investment capacities, high leveraging abilities, and development finance expertise will ensure we finish the job and leave no one behind.”

Werner Hoyer said, “UNDP’s global presence, local knowledge, technical and policy expertise, as well as its high social and environmental standards make it an excellent partner for EIB.”

“As the European Union’s Bank, we welcome the opportunity for a long-term relationship with UNDP. The action plan defined for joint collaboration is an excellent way forward to build on and expand our highly successful existing collaboration in Western Balkans, Armenia, Moldova, Serbia, and Ukraine–and to build a more sustainable, peaceful, and resilient world.”

The Memorandum of Understanding signed today aims to streamline, enhance and simplify UNDP-EIB cooperation. Combining EIB financial and technical expertise with UNDP in-depth country knowledge and capacity-building expertise is expected to expand outreach, achieve higher sustainable development impact, improve loan performance, reduce lending costs, and advance innovative, high-impact instruments and solutions.

About UNDP, EIB

UNDP works with a broad range of partners to build communities and nations that can withstand crises and to drive growth that benefits everyone. The leading development agency in the UN system, it brings global expertise and local insight to projects and programmes in nearly 170 countries and territories.

UNDP focuses on helping countries build and share solutions in three areas: sustainable development, democratic governance and peacebuilding, and climate and disaster resilience. In all its work, UNDP seeks to protect human rights, advance gender equality, and empower poor, vulnerable, and excluded populations.

EIB is the European Union’s long-term lending institution and is owned by its 28 Member States. While the large majority of projects financed by the EIB are in the EU, the EIB has been active outside the EU for more than 50 years and is firmly committed to supporting EU development policies in non-EU countries.

The EIB group last year provided nearly EUR 8 billion in financing for projects and initiatives outside Europe. It maintains a presence in some 160 countries, including low-income countries and those facing acute political and economic crises. The EIB’s non-EU operations support the objectives of the EU Agenda for Change and the Sustainable Development Goals.