“Over the years, the European Commission and the World Bank Group have together helped millions of people around the world lead better lives. With today`s agreement, we will equip ourselves with a renewed toolkit to more effectively address today`s many more complex global challenges,” said Johannes Hahn, European Commissioner for Budget and Administration. Philippe Le Houérou, Chief Executive Officer of the IFC, sees this agreement as a new step in a long-standing partnership with the European Commission. The IFC Chief Executive Officer said the IFC wanted to strengthen cooperation in new areas, including promoting policy reforms that help address the challenges of private sector development in emerging countries. Internal Audit Framework Agreement in banking and administration The agreement will promote economic growth, create jobs, strengthen skills, support fragile areas, combat climate change and address gender inequalities around the world. In addition, the agreement will help accelerate the joint response of partners to the COVID 19 pandemic. “COVID-19 has significantly increased the complexity of the challenges facing our customers. Our partnership with the European Commission is more important than ever as we work together to end extreme poverty, increase prosperity and improve the lives of millions of people around the world,” said Axel van Trotsenburg, World Bank Director General of Operations. The European Commission and the World Bank Group signed a framework agreement for the first time in 2001. The new cooperation agreement is an update and extension of an earlier 2016 agreement and sets out the terms of cooperation between the two organizations. The Financial Framework Partnership Agreement allows the parties to forge long-term cooperation, including innovative instruments and strengthening their relationships with mature partners such as the World Bank Group. Framework contracts for project management services (FWC 1), quality services (FWC 2) and asset quality verification with banks (FWC 3) “This agreement marks a new step in our long-standing partnership with the European Commission,” said Philippe Le Houérou, Chief Executive Officer of IFC. “We look forward to expanding this cooperation into new areas, including promoting policy reforms that help the private sector solve development challenges in emerging countries.” The new cooperation agreement is an update and extension of an earlier 2016 agreement and sets out the terms of cooperation between the two organizations.