As part of the new procurement framework, four important innovations are being put in place to help companies and customers in countries: “Over the years, the European Commission and the World Bank Group have helped millions of people around the world lead better lives. With today`s agreement, we will equip ourselves with a renewed toolkit to more effectively address today`s many more complex global challenges,” said Johannes Hahn, European Commissioner for Budget and Administration. For the period 2015-2019, the European Union has released 2.07 billion euros ($2.34 billion) into the banking group`s trust funds, including the World Bank, IFC and the Multilateral Investment Guarantee Agency, to strengthen the performance of countries around the world. In addition, the agreement indicates a coordinated and consistent approach to public procurement, which should increase efficiency and avoid duplication in co-financed projects. Given that both banks already have a similar procurement framework, consistent with international best practices, that promote economy, efficiency, equality, fairness, integrity, transparency, quality, value for money and opportunity, implementation of the agreement should be smooth in co-financed projects. In addition, the implementation of the agreement is expected to significantly reduce transaction costs for both borrowers and banks in the preparation, implementation and monitoring of project contracts. One lead co-funder is appointed, whose purchasing policy governs the project, while the other co-financing depends on the work of the lead. The European Commission and the World Bank Group signed a framework agreement for the first time in 2001. The new cooperation agreement is an update and extension of an earlier 2016 agreement and sets out the terms of cooperation between the two organizations. The Financial Framework Partnership Agreement allows the parties to forge long-term cooperation, including innovative instruments and strengthening their relationships with mature partners such as the World Bank Group. Expressions of interest should be presented electronically in English through the World Bank eConsultant2 (wbgeconsult2.worldbank.org/wbgec/index.html): “COVID-19 has significantly increased the complexity of the challenges facing our clients. Our partnership with the European Commission is more important than ever as we work together to end extreme poverty, increase prosperity and improve the lives of millions of people around the world,” said Axel van Trotsenburg, World Bank Director General of Operations.