THE United Nations Industrial Development Organization (UNIDO) and the European Investment Bank (EIB) have concluded plans to jointly promote inclusive and sustainable industrial development, particularly in Africa, where UNIDO’s Progammes for Country Partnership are currently being implemented.

In addition, other countries of the African, Caribbean and Pacific Group of States (ACP) will also be the focus of the new agreement, and geographical areas such as Eastern Europe and the Mediterranean, Central Asia, and Latin America will also be targeted.

In a statement accessed by The Guardian, a memorandum of understanding on the matter was signed in Luxembourg by LI Yong, Director General of UNIDO, and Werner Hoyer, the President of the EIB.

According to the statement, future joint activities will include investment support activities, technical assistance, and the distribution of good practices and lessons through UNIDO and EIB networks.

“Furthermore, the collaboration will facilitate and coordinate operations (especially public-private partnerships and investments), including technical assistance for the preparation, implementation and coordination of industrial development strategies and projects.

The collaboration with UNIDO will focus on some of the key sectors for ACP development, namely in the fields of energy and climate action, while much attention will also be paid to agro-business. Our working together will allow a significant increase in the leverage on the available financing.

“The collaboration with UNIDO will focus on some of the key sectors for ACP development, namely in the fields of energy and climate action, while much attention will also be paid to agro-business. Our working together will allow a significant increase in the leverage on the available financing,” said Hoyer.

Director General Li added: “The new agreement is part of UNIDO’s renewed efforts to establish cooperation partnerships with various international financial institutions to support and scale up business infrastructure and investments in developing countries, and further or goal of helping countries on the path of inclusive and sustainable industrial development.”

UNIDO and the EIB will promote knowledge sharing, facilitate joint activities, and exchange information and documents concerning matters of common interest.