October 29, 2024 New York, NY
The European Investment Bank (EIB) and the European American Chamber of Commerce New York (EACCNY) signed a Memorandum of Understanding on Monday to establish the Transatlantic Resilient Infrastructure Alliance, a platform for engaging with the private sector to boost infrastructure financing in low- and middle-income countries.
This alliance will provide a new grouping for a select set of actors involved in infrastructure development and financing, building a transatlantic platform with major organisations from the US and Europe. Participants will include banks, institutional investors (such as pension funds, insurers, asset managers), and industry, all of which will join in an effort to develop sustainable financing options, identify and advance priority projects, and collaborate on the promotion of resilient infrastructure to build a sustainable future.
The goal is to create a platform of enthusiastic, ready-to-engage actors, who believe in transatlantic collaboration and the need to develop and deploy pioneering financing methodologies and innovation from both sides of the Atlantic to support sustainable global development and growth.
TRIA will take as a basis the EIB’s long experience in financing infrastructure investments and complement this through dialogue with European and US businesses keen to support global sustainability goals. It will help facilitate effective and coordinated project collaboration between European and American stakeholders.
Based on the MoU, the alliance will regularly convene meetings between EIB senior staff and leaders from EACCNY member companies and associated organisations to improve shared understanding of the financing needs and opportunities in infrastructure projects in developing countries. The members of the alliance will work together to identify gaps in existing financing mechanisms and seek to identify solutions.
“The initiative will allow us to build closer relationships with existing and potential clients and other partners interested in transatlantic cooperation in low- and middle-income countries,” said Markus Berndt, Head of the European Investment Bank’s Representation in Washington. “The EACCNY brings together a range of important corporates and institutions who have a lot of valuable insights, as we seek to ensure that more private sector finance reaches high priority investments.”
“Considering the enormous needs in global infrastructure development at this critical moment in time, it is essential that Europe and the United States, two major economic powerhouses, come together and strategically address this challenge,” said Yvonne Bendinger-Rothschild, Executive Director of the EACCNY. “Bringing together public and private financing and expertise will help bridge the gap and improve the speed and efficiency of infrastructure investment around the world. Our members are ready to be part of this ambitious project.”
The Transatlantic Resilient Infrastructure Alliance is aligned with the broader objectives of the EU’s Global Gateway strategy and the G7 Partnership for Global Infrastructure and Investment, aiming to promote sustainable investment in line with EU and international standards. The scope of TRIA will include all sectors of the Global Gateway strategy, namely digital, climate and energy, transport, health, and education, and their associated value chains.
The U.S. counterparts of this transatlantic initiative on the public sector side include the United States Development Finance Corporation (DFC) and the U.S. EXIM Bank.
“At EXIM we are laser-focused on supporting U.S. jobs,” said EXIM President and Chair Reta Jo Lewis. “By joining forces with our European business partners, EXIM is creating new pathways for American businesses to export their goods and services, while strengthening transatlantic ties.”
The European American Chamber of Commerce New York (EACCNY) is a platform connecting public and private sector entities on both sides of the Atlantic. The goal of the EACCNY is to stimulate transatlantic investment, cross-border business development and to facilitate networking and relationships between its members. To do this, the EACCNY provides its members with access to information, resources and support, on matters affecting business activities between Europe and the US.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.
U.S. International Development Finance Corporation (DFC) is America’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, critical infrastructure, and technology.
Contact for inquiries: ybr[at]eaccny.com & marketing[at]eaccny.comThe post EIB Global and the European American Chamber of Commerce New York establish the Transatlantic Resilient Infrastructure Alliance in collaboration with the United States DFC and EXIM Bank first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.
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