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Memorandum of understanding between the European Commission, the European Bank for Reconstruction and Development and the International Bank for Recontruction and Development on cooperation for pre-accession preparation of Central and East Europen Countries. 2 March 1998

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10/03 '98 liAR 16:31 FAX 32 2 29b3958 European Bank ... . . . . . . ... lar._.._._ ... De..... 'Ill EUROPEAN COMMISSION MEMORANDUM OF UNDERSTANDING BETWEEN THE EUROPEAN COMMISSION, The Wortd Bank THE EUROPEAN BANK FOR RECONSTRUCI'ION AND DEVELOPMENT AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ON COOPERATION FOR PRE-ACCESSION PREPARATION OP CENTRAL AND EAST EOROPEAN COUNTRIES 1. PRINCIPLES The present Memorandum of Understanding has been established in the context of the initiatives undertaken by the European Commission (''ECj in liaison with the European Investment Bank ("EIB"), the European Bank for Reconstruction and Development ("EBRD") and the International Bank for Reconstruction and Development ("World B8nk'') aiming at identifying ways of giving practical effect to the desire of all these institutions to enhance the effectiveness of their co-operation in supporting the transition process in the countries of Central and Eastern Europe seeking accession to the European Union ("candidate countries"), and the efforts of the candidate countries to harmonise their · standards with those of the BU. Following the adoption by the European Commission of its Opinions on the membership applications of the candidate countries, the approval by the European Council of the measures necessary to reinforce the pre-accession strategy and the re-orientation of the EC- PHARE programme, the EC, the EBRD and 1he World Bank have agreed on the following, while noting that the EIB, the EU long-term financing institution, wiU continue to work closely with the EC in serving the EU policy objectives, and therefore will also collaborate, whenever appropriate, with the EBRD and the World Bank in the spirit of this Memorandum of Understanding: (i) In view of the consistency of many pre-accession policy requirements and priorities set out in the Accession Partnerships with the purpose and functions of the EBRD and the World Bank and of

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