WASHINGTON, October 15, 2021— Reflecting their shared vision of the need for sustainable and inclusive growth, the World Bank and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) today signed a memorandum of understanding (MoU) guiding cooperation to drive development outcomes for green, resilient and inclusive development, and overcome the COVID-19 crisis.
Norbert Barthle, Germany’s Parliamentary State Secretary, and Axel van Trotsenburg, World Bank Managing Director of Operations, signed the MoU on the sidelines of the World Bank Group-IMF Annual Meetings in Washington, DC—setting an overarching framework for cooperation and collaboration.
“We strive to intensify our cooperation for the goal of sustainable global development. The COVID-19 crisis has clearly shown us the importance of protecting and investing in global public goods,” said Norbert Barthle, Germany’s Parliamentary State Secretary. “Let us join efforts to support our partner countries in rebuilding economies that are more resilient in the face of shocks, such as climate change and rising inequalities. Our Memorandum of Understanding will be a solid basis for a joint protection of a number of global public goods: We are jointly working on climate change mitigation and adaptation, other sectors such as health, social protection and social cohesion, environmental protection and biodiversity, financial market stability, as well as cross-cutting issues such as gender equality.”
“Germany has been a steadfast partner to the World Bank for many years. Partnerships like this are important in ordinary circumstances, but even more so in times of crisis, such as the one we are facing today,” said Axel van Trotsenburg, World Bank Managing Director of Operations. “We are delighted to formalize our shared commitment to helping the poorest countries recover from the crisis and build a greener, more resilient, and more inclusive future.”
The MoU builds on existing collaboration by focusing on:
Promoting green, resilient, and inclusive development (GRID).
Protecting and investing in public sector goods, including crisis prevention and preparedness.
Investing in climate change mitigation and adaptation.
Addressing drivers of conflict and fragility.
Promoting inclusion and equality through access to key services.
Supporting policy reforms.
The scope of collaboration will include parallel financing and co-financing to support common development objectives; Germany’s continued contributions to trust funds and financial intermediary funds managed by the World Bank; knowledge sharing and communication; and joint research.