New York — The United Nations Development Programme (UNDP) and the European Investment Fund (EIF) today signed a Memorandum of Understanding (MoU) that will boost cooperation between the two institutions.
The MoU emphasises the role small and medium size enterprises (SMEs) will play in achieving the Sustainable Development Goals (SDGs).
The MoU was signed by UNDP Administrator Achim Steiner, and President of the European Investment Bank (EIB) Werner Hoyer, in the margins of the UN General Assembly in New York.
Through UNDP’s SDG Impact Finance initiative (UNSIF) and other efforts UNDP and the EIF will cooperate to support the SDGs and address global challenges such as international migration and refugees, by leveraging the private and philanthropic sectors, and utilizing a broad range of financial instruments.
“UNDP’s partnership with the European Investment Fund is an example of the type of innovative financing needed to achieve the Sustainable Development Goals,” said UNDP Administrator Achim Steiner. “By investing in sustainable and inclusive business models, this partnership will help create decent work, reduce inequalities, and increase women’s empowerment in poor communities, helping to lift those communities out of poverty.”
Cooperation will involve market research and studies, social impact and blended finance investments, and the provision of advisory services that will incentivise capital market investments in the SDGs.
“The European Investment Bank Group is working with the UNDP to support transformational investment around the world. The new chapter in our cooperation started today reflects our shared recognition of the importance of SME development in providing precious opportunities and helping to tackle the key challenges we all face – from poverty reduction to climate change. Our agreement will build on the strong and concrete partnership between the EU and the UNDP in making the Sustainable Development Goals a reality”, said Werner Hoyer, EIB President.
UNDP works in about 170 countries and territories, helping to achieve the eradication of poverty, and the reduction of inequalities and exclusion. UNDP help countries to develop policies, leadership skills, partnering abilities, institutional capabilities and build resilience in order to sustain development results.
The EIB is the world’s largest international public bank, owned directly by the 28 European Union member states. EIF is the SME lending specialist within the European Investment Bank Group. Last year, the EIB Group has provided more than EUR 40 billion for private sector investment.
The EIF’s central mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
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