Brussels, 05/09/2007 (Agence Europe) - The IFC (International Finance Corporation), recently joined a strategic partnership, launched in 2004 and comprising the European Investment Bank, the European Commission and the World Bank, the aim of which is to coordinate the views and the action of the above institutions in Southern Mediterranean countries. The four multilateral institutions have agreed to share knowledge and training opportunities in innovation and new technologies, and also urban development in order to promote private sector development. The European Investment Bank (EIB) is active in the Mediterranean region through its financial instrument, FEMIP (Facility for Euro-Mediterranean Investment and Partnership). “The Mediterranean Basin is no longer a region forgotten by the world's investors. FEMIP, which invested almost €6 billion between 2002 and 2006, has contributed in two ways. Firstly, through its support for private projects, it has helped strongly increase direct foreign investment over the last few years. Secondly, by financing basic infrastructure and encouraging legislative change, it is trying to improve the investment climate,” said EIB Vice-President Philippe de Fontaine Vive.
The partnership between the main multilateral institutions operating in the Mediterranean basin has already seen the Regional Forum on the Climate for Investment in the South Mediterranean Basin, held in Cairo in December 2005. A second forum is being prepared. The close partnership will mean better coordination and improved day-to-day cooperation between the three, and now four, institutions, better sharing of knowledge, with visits and exchanges of expertise, especially in the areas of water, energy and urban development. (fb)