The agreement will speed up financing of projects in developing countries and save costs.
IFC, a member of the World Bank Group, and Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria, signed a Master Cooperation Agreement to formalise their ongoing cooperation in financing private sector development in emerging markets.
IFC’s Master Cooperation Agreement promotes increased cooperation with organisations such as OeEB because it standardises steps that lenders take when joining IFC to co-finance projects in developing countries. It also helps increase efficiencies and saves borrowers and lenders time and costs throughout the lifetime of a loan.
For more information read the full Press Release.