Madrid, 17/05/2002 (Agence Europe) - In Madrid on Thursday External Relations Commissioner Chris Patten and the President of the Inter-American Development Bank (IDB) Enrique Iglesias signed a Memorandum of Understanding on the fringes of the EU/Latin America/Caribbean Summit with the aim of facilitating the implementation of joint programmes in the region, setting common objectives, consultation mechanisms and procedures for joint operations. The Commission hopes this will provide greater visibility to EU funding and avoid Commission funds simply being spent on IDB shopping lists. The Commission has provided EUR 57 million in funding for IDB projects since 1977.