The World Bank’s International Finance Corp. and Austrian Development Bank, or Oesterreichische Entwicklungsbank, have formalized their existing cooperation in supporting private sector development in emerging economies.
The two entities signed Dec. 3 IFC’s Master Cooperation Agreement, which standardizes the process lenders undergo when joining IFC to cofinance projects in the developing world.
Seven other institutions have signed such an agreement with IFC including the Belgian Investment Co. for Developing Countries, France’s Societe de Promotion et de Participation pour la Cooperation Economique, Germany’s Deutsche Investitions- und Entwicklungsgesellschaft mbH, Developmental Bank of Japan, the Netherlands’ Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V., Organization of Petroleum Exporting Countries’ Fund for International Development, and Black Sea Trade and Development Bank.
