EUROPEAN COMMISSION ructufal STRUCTURAL REFORM SUPPORT SERVIC R RefOf I LU L The Director O FFICIAL Sev ce DOCUMENT cSe,,-Vee Administration Agreement between the European Commission and the International Bank for Reconstruction and Development concerning the Part H Europe 2020 Programmatic Single-Donor Trust Fund Trust Fund (No TFO 73005) (EC Contract No SRSS/S2018/008 This Administration Agreement is concluded under Direct Management in the context of the Framework Agreement between the World Bank Group and the European Commission dated April 15, 2016 (the Framework Agreement), which sets the general conditions for this Agreement. The Framework Agreement shall be applicable and form an integral part of the Administration Agreement for the Trust Fund. 1. The International Bank for Reconstruction and Development (the "Bank") acknowledges that the European Commission (the "Donor", and together with the Bank, the "Parties" and each a "Party") agrees to provide the sum of sixty-two thousand euros (E62,000) (the "Contribution") for the Part H Europe 2020 Programmatic Single-Donor Trust Fund, No. TF073005 (the "Trust Fund") in accordance with the terms of this Administration Agreement. The estimated total budget of the Trust Fund is sixty-two thousand euros (C62,000). The indicative budget set out in Annex 5 shall be used for monitoring purposes only and shall not be binding. 2. The Contribution shall be used to finance the activities set forth in the "Part H Europe 2020 Programmatic Single-Donor Trust Fund Description" attached hereto as Annex 1, and shall be administered by the Bank on behalf of the Donor in accordance with the terms of this Administration Agreement, including the "Standard Provisions" attached hereto as Annex 2 and "Governance" attached hereto as Annex 3. Expected results of the Trust Fund and corresponding indicators (including baselines, result goals and sources of data) are set out in Annex 4. The Implementation period shall start on the date following that on which the last of the two parties signs. 3. The Donor shall deposit the Contribution in accordance with the following schedule and in the currency specified in Section I above ("Contribution Currency") into such bank account designated by the Bank (each amount deposited hereinafter referred to as an "Instalment") upon submission of a payment request by the Bank: (A) Promptly following countersignature E3 1,000. (B) E 31,000 subject to the disbursement of 70% of the preceding instalment. The period for payment of further instalments shall be 60 days. The period for payment of the balance shall be 60 days. 4. When making any deposit, the Donor shall instruct its bank to include in its deposit details information (remittance advice) field of its SWIFT deposit message, information indicating: the amount deposited, that the deposit is made by the Donor for TF073005 (The Part H Europe 2020 1 O E Programmatic Single-Donor Trust Fund), the Commission internal reference number and the date of the Administration Agreement, the name of the project for which the funds are intended, the name of the Commission department responsible for the Trust Fund and the date of the deposit (the "Deposit Instructions"). In addition, the Donor shall provide a copy of the Deposit Instructions to the Bank's Accounting Trust Funds Division by e-mail sent to tfremitadvice@worldbank.org or by fax sent to +1 (202) 614-1315. 5. Except with respect to the Deposit Instructions, any notice, request or other communication to be given or made under this Administration Agreement shall be in writing and delivered by mail, fax or e-mail to the respective Party's address specified below or at such other address as such Party notifies in writing to the other Party from time to time: For the Bank (the "Bank Contact"): Arup Banerji Regional Director Europe and Central Asia Region World Bank Group Tel: + 32-2-504-0994 Abanerji@worldbank.org For the Donor (the "Donor Contact"): Mary McCarthy, Director, Structural Reform Support Service, CHAR 10/104, 1049 Brussels Tel: +32 229-93493 Mary.Mccarthy@ec.europa.eu 6. In the event that any amounts are to be returned to the Donor under this Administration Agreement, the Bank shall transfer such amounts to the Donor, unless otherwise agreed with the Bank. 7. All annexes hereto and the Framework Agreement between the World Bank Group and the European Commission constitute an integral part of this Administration Agreement, whose terms taken together shall constitute the entire agreement and understanding between the Donor and the Bank. In the event of any inconsistency, the Framework Agreement prevails over the Administration Agreement and the Administration Agreement prevails over its Annexes. Unless otherwise specified in an annex hereto, this Administration Agreement may be amended only by written amendment between the Bank and the Donor. 8. The measures taken to identify the EU as a source of financing shall be in accordance with Attachment 4 of the Framework Agreement. 9. Each of the Parties represents, by confirming its agreement below, that it is authorized to enter into this Administration Agreement and act in accordance with these terms and conditions. The Parties are requested to sign and date this Administration Agreement, and upon possession by the Bank of this fully signed Administration Agreement, this Administration Agreement shall become effective as of the date of the last signature. 2 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By: 9: 6~AAf, QS-> /-(?, Name: Arup Banerji Title: Regional Direct Date: fA44! 0~vg 6, W~ EUROPEAN UNION represented by the EUROPEAN COMMISSION By: COA Name: MaryMcCarthy 10 Title: Director Structural Reformn Z Date: 0 1 MARS 2018 , e I Support U A Service ( 't-Ge@' 3 C00 ANNEX 1 Part H Europe 2020 Programmatic Single-Donor Trust Fund Description This Annex shall be applicable to and form an integral part of the Administration Agreement for the Trust Fund between the Bank and the Donor. 1. Objectives The objectives of the Trust Fund are: The European Commission and the Bank share a common objective of building competitive and sustainable economies and reducing poverty and social exclusion - goals of the Europe 2020 Agenda which is built on three pillars of smart, sustainable and inclusive growth. The European Commission and the Bank concur that direct interaction is beneficial to both institutions and through them to the beneficiary countries. This applies particularly to the provision of analytical, advisory and knowledge services and technical assistance. The European Commission has expressed an interest in ensuring that the Bank continues to provide technical assistance in the framework of the Trust Fund in furtherance of the common objective set forth above. 2. Activities The European Commission has expressed an interest in ensuring that the Bank provides technical assistance in the framework of the Trust Fund with the specific objective of supporting the Ministry of Finance of the Czech Republic (MoF) in developing a National Strategy for the Development of the Czech National Market (the National Strategy) that could generate the necessary consensus among relevant stakeholders, and that could be approved by the Czech government, in line with Article 4 and 5.1 (c) of the regulation (EU) 2017/825 of the European Parliament and of the Council dated May 17, 2017 on the establishment of the Structural Reform Support Programme for the period 2017 to 2020 (SRSP Regulation) The Bank is an international organization that aims to end extreme poverty and boost shared prosperity. Promoting financial sector development is essential to achieve these twin goals, and the Bank assists its member countries to build deep, inclusive, efficient, and stable financial systems in order to achieve these objectives. Capital markets development is at the core of financial sector development and the Bank has gathered substantial expertise in recent years by developing technical assistance programs around these areas, with the goal of developing capital markets and promoting more stable and inclusive financial systems. The expertise acquired by the Bank through financial sector advisory services activities in the EU, together with its broader knowledge on financial sector development, place the Bank in a position to provide the technical assistance described in this Agreement. The MoF is leading efforts to develop the domestic capital market based on a strong and independent analytical framework. In a first stage, the MoF requested funding from the European Commission to finance a Bank assessment of the country's capital market, including recommendations for the short, medium and long term. The assessment was delivered to the MoF in July 2017, and presented to the authorities and relevant stakeholders in a dissemination event held in October 2017. 4 Follow-up work is needed to develop a strategic document and road map for capital market development based on the analysis. Accordingly under this Agreement, the Bank will provide a critical assessment of a draft National Strategy, and will support the MoF in the discussions with other stakeholders to ensure broad agreement on the strategy. The assessment will be based on the findings and recommendations provided under the Assessment of the Capital Market in the Czech Republic, delivered in July 2017. The work also contemplates one visit to the Czech Republic to discuss the draft strategy, feedback provided by the Bank, and any related outstanding issue that would support the process of approval of the strategy by the MoF. The findings from the review and analysis of the draft National Strategy, and the discussions held in the field visit will be contained in a final commentary report that will be delivered to the MoF. The final commentary report will comment and provide feedback on the different measures contained in the draft National Strategy, including: 1. Their alignment to the recommendations contained in the Bank Assessment of the Capital Market in the Czech Republic delivered in July 2017. 2. Their relevance towards the overall goal of capital market development. 3. Their expected timeline for implementation. 4. The extent of involvement/responsibility of different stakeholders for their successful implementation. 5. If needed, advice on how to address legal/regulatory impediments for the implementation of the measures. 6. Finally, if any recommendation contained in the assessment mentioned in point 1 above is left out of the draft National Strategy, the report will contain an explanation for their exclusion. Indicative Timeline of Outputs and Milestones Milestones Delivered by First draft National Strategy prepared by MoF and delivered to WB End-January 2018 Delivery of Bank comments to the first draft National Strategy to MoF Mid-March 2018 Second draft National Strategy prepared by MoF and delivered to WB End-May 2018 for review (also published for public consultation) Delivery of Bank comments to the second draft National Strategy to End-June 2018 MoF Consultations on received comments from other stakeholders During June 2018 Bank mission to Prague (to discuss with other stakeholders) July/August 2018 Final draft National Strategy prepared by MoF (and approved by Czech Mid-September 2018 government) and delivered by MoF to WB for comments Final delivery of commentary report to MoF End-October 2018 e5o 3. Eligible Expenditures 3.1 For Bank-executed activities, the Trust Fund funds may be used to finance: (a) Staff and individual consultant services; (b) Cost of travel; (c) Cost of training and workshop; and (d) Other services including translation. 4. Taxes 4.1 The foregoing activities and categories of expenditures may include the financing of taxes in accordance with the Bank's applicable policies and procedures. 5. Program Criteria 5.1 Activities are to be financed in accordance with the following program criteria: The Trust Fund is established to enable the European Commission and the Bank to continue to collaborate and exchange experience and expertise on a number of themes under all three pillars of the Europe 2020 Agenda - of smart, sustainable and inclusive growth. The express purpose of this Trust Fund is to allow the European Commission to avail itself of the Bank's technical assistance and analytical and policy capacity for the purpose of pursuing the goals of Europe 2020. The three pillars of Europe 2020 are broadly in line with the objectives and strategies adopted in the Europe and Central Asia Region of the World Bank Group. All activities that are in pursuance of these three pillars are eligible to be financed and implemented under this Trust Fund. ANNEX 2 STANDARD PROVISIONS This Annex shall be applicable to and form an integral part of the Administration Agreement for the Trust Fund between the Bank and the Donor. 1. Administration of the Contributions 1.1 The Bank shall be responsible only for performing those functions specifically set forth in this Administration Agreement and shall not be subject to any other duties or responsibilities to the Donor, including, without limitation, any duties or obligations that might otherwise apply to a fiduciary or trustee under general principles of trust or fiduciary law. Nothing in this Administration Agreement shall be considered a waiver of any privileges or immunities of the Bank under its Articles of Agreement or any applicable law, all of which are expressly reserved. 1.2 The Donor's Contribution shall be administered in accordance with the Bank's applicable policies and procedures, as the same may be amended from time to time, including its procurement, financial management, disbursement and safeguard policies, its framework to prevent and combat fraud and corruption and its screening procedures to prevent the use of Bank resources to finance terrorist activity, in line with the Bank's obligations to give effect to the relevant decisions of the Security Council taken under Chapter VII of the of Charter of the United Nations. The Donor acknowledges that this provision does not create any obligations of the Bank under the anti-terrorist financing and asset control laws, regulations, rules and executive orders of an individual member country that may apply to the Donor 2. Manafement of the Contributions 2.1 The funds deposited in the Trust Fund shall be accounted for as a single trust fund and shall be kept separate and apart from the funds of the Bank. The funds deposited in the Trust Fund may be commingled with other trust fund assets maintained by the Bank. The Bank, in its capacity as trustee, has legal title to the funds deposited in the Trust Fund. 2.2 The currency in which the funds in the Trust Fund shall be held is Euro (the "Holding Currency"). 2.3 The Donor agrees to deposit its Contributions in the Contribution Currency stated in the Administration Agreements. In the case of deposits received in a Contribution Currency other than the Holding Currency, promptly upon the receipt of such amounts and the accompanying Deposit Instructions, the Bank shall convert such amounts into the Holding Currency at the exchange rate obtained by the Bank on the date of the conversion. Where deposits prove to be insufficient to complete activities as a result of exchange rate fluctuations, neither the Bank nor the Donor shall bear any responsibility for providing any additional financing. 2.4 The funds deposited in the Trust Fund may be freely exchanged by the Bank into other currencies as may facilitate their disbursement at the exchange rate obtained by the Bank on the date of the conversion. 2.5 The Bank shall invest and reinvest the funds deposited in the Trust Fund pending their disbursement in accordance with the Bank's applicable policies and procedures for the investment of trust funds administered by the Bank. The Bank shall transfer all income from such investment to the Donor's applicable donor balance account with the Bank. 7 3. Trust Fund Fees and Costs 3.1 The Bank shall deduct and retain for its own account, as a deduction from each Instalment, an amount equal to five percent (5%) per Instalment as an administrative fee for the Trust Fund. 3.2 The Donor acknowledges and agrees that the percentage deductions for fees in this Trust Fund Fees and Costs section are estimated on the basis of anticipated Contributions. If actual Contributions significantly differ from what was originally anticipated at the time of signature of the first Administration Agreement, or if other circumstances affecting Trust Fund fees or costs change, the Bank reserves the right to request a change to the terms of this Trust Fund Fees and Costs section, which would be effectuated by amendments made to the Administration Agreements of the Donor and which would thereafter be applicable to all new Contributions that are provided either as amendments to supplement existing Administration Agreements or from new Administration Agreements. 4. Accountin! and Financial Reporting 4.1 The Bank shall maintain separate records and ledger accounts in respect of the funds deposited in the Trust Fund and disbursements made therefrom. 4.2 The Bank shall furnish to the Donor current financial information relating to receipts, disbursements and fund balance in the Holding Currency with respect to the Contributions via the World Bank's Trust Funds Development Partner Center secure website. Within six (6) months after all commitments and liabilities under the Trust Fund have been satisfied and the Trust Fund has been closed, the final financial information relating to receipts, disbursements and fund balance in the Holding Currency with respect to the Contributions shall be made available to the Donor via the World Bank's Trust Funds Development Partner Center secure website. 4.3 The Bank shall provide to the Donor via the World Bank's Trust Fund Development Partner Center secure website, within six (6) months following the end of each Bank fiscal year, an annual single audit report, comprising (i) a management assertion together with an attestation from the Bank's external auditors concerning the adequacy of internal control over cash-based financial reporting for all cash-based trust funds as a whole; and (ii) a combined financial statement for all cash-based trust funds together with the Bank's external auditor's opinion thereon. The cost of the single audit shall be borne by the Bank. 4.4 If the Donor wishes to request, on an exceptional basis, a financial statement audit by the Bank's external auditors of the Trust Fund, the Donor and the Bank shall first consult as to whether such an external audit is necessary. The Bank and the Donor shall agree on the appropriate scope and terms of reference of such audit. Following agreement on the scope and terms of reference, the Bank shall arrange for such external audit. The costs of any such audit, including the internal costs of the Bank with respect to such audit, shall be borne by the requesting Donor. 5. Proaress Reporting 5.1 The Bank shall provide the Donor with semi-annual reports on the progress of activities financed by the Contributions. Within six (6) months of the End Disbursement Date (as defined below), the Bank shall furnish to the Donor a final report on the activities financed by the Trust Fund. 5.2 The Donor may review or evaluate activities financed by the Trust Fund at any time up to six (6) months following the End Disbursement Date. The Donor and the Bank shall agree on the scope and conduct of such review or evaluation, and the Bank shall provide all relevant information within the limits of the Bank's applicable policies and procedures. All associated costs, including any costs incurred by the Bank, shall be borne by the Donor. It is understood that any such review or evaluation will not constitute a financial, compliance or other audit of the Trust Fund. 8 6. Disbursement; Cancellation; Refund 6.1 It is expected that the funds deposited in the Trust Fund will be fully disbursed by the Bank by March 15, 2019 (the "End Disbursement Date"). The Bank shall only disburse funds deposited in the Trust Fund for the purposes of this Administration Agreement (other than returns to Donor) after such date to the extent such date is changed in accordance with amendments made to the Administration Agreement(s) of the Donor. Following the End Disbursement Date, the Bank shall return any remaining balance of the Trust Fund to the Donor in the Holding Currency in the manner specified in its respective Administration Agreement on a pro rata basis with regard to the total funds deposited in the Trust Fund by such Donor relative to the total funds deposited in the Trust Fund by the Donor, all calculated as Holding Currency amounts. 6.2 The Donor may cancel all or part of such Donor's pro rata share/contribution, and the Bank may cancel all or any Donor's pro rata share/contribution, upon three (3) months' prior written notice, of any Contributions (paid and not yet paid) that are not committed pursuant to any agreements entered into between the Bank and any consultants and/or other third parties for the purposes of this Administration Agreement, including any Grant Agreements, prior to the receipt of such notice. In the event of a cancellation, the Bank shall return to the Donor its pro rata share in the Holding Currency as specified in the Administration Agreement unless otherwise agreed between the Bank and the Donor. 7. Disclosure; Dispute Resolution 7.1 The Bank shall disclose the Administration Agreements and related information on this Trust Fund in accordance with the Bank's Policy on Access to Information. By entering into Administration Agreements, the Donor consents to such disclosure of their respective Administration Agreements and such related information. 7.2 The Donor and the Bank shall use their best efforts to amicably settle any dispute, controversy, or claim arising out of or relating to the Administration Agreements. ANNEX 3 GOVERNANCE FOR THE ACTIVITIES SET FORTH IN SECTION 2 OF ANNEX 1 TO THIS ADMINISTRATION AGREEMENT This Annex shall be applicable to and form an integral part of all Administration Agreements between the Bank and the Donor. Working Modalities The Bank shall be in charge of the implementation of the activities and shall consult with the Structural Reform Support Service (SRSS) regularly. The SRSS shall take all appropriate measures to facilitate the Bank work in the performance of the activities, including, as needed, facilitating contacts with the Czech authorities. The activities shall be undertaken in close collaboration with the SRSS and the Ministry of Finance of the Czech Republic. In order to facilitate the implementation of the project, the SRSS shall be responsible for involving other EU Commission services, where appropriate. The SRSS shall also provide support to ensuring the appropriate involvement of the Czech authorities for the smooth execution of the activities by the Bank. The SRSS, when legally possible, shall provide the Bank with relevant documents, reports and findings, resulting from other technical assistance work streams the SRSS is or has been involved in. The Bank and SRSS shall have regular exchanges on the progress of the project, at least on a quarterly basis, on the work plan or schedule of project activities for the following month(s) including missions. A Representative of the SRSS shall be invited to attend all missions and all pertinent events or activities. To facilitate the organization and efficiency of such missions, events and activities, the Bank shall share with the SRSS in a timely manner the relevant documents. Priorities and choices to be made in the planning of the activities shall be discussed and consulted between the Bank and the SRSS. It is expected that the Head of the Capital Market Unit, under the Financial Markets II Department of the MoF of the Czech Republic shall be the national contact point for the activities, and shall undertake the necessary coordination mechanisms within the MoF, the capital markets sector, and other national stakeholders. To this end, the MoF will establish a Project Management Team, composed of relevant MoF staff. It is expected that the Bank shall consult and cooperate with the Project Management Team at all major stages of the activities to be implemented. It is expected that the MoF shall provide input for the analysis of the Bank, comment on the work plan of the project, prepare draft documents for the Bank review and take into account comments received by the Bank. It is expected that the material output produced under the activity shall be delivered by the Bank to the MoF and the SRSS directly. The Bank shall share with the SRSS draft outputs. The SRSS may provide comments that the Bank may take into account. The Bank shall inform the SRSS of those cases where the SRSS feedback was not taken into consideration. The MoF will be solely responsible for the completion and delivery of the final National Strategy, and its approval and publication by the 10 CIT E Czech government. It is expected that MoF, SRSS and the Bank will consult each other prior to the publication of the final National Strategy endorsed by the government. The Bank shall notify the SRSS without delay on any circumstances likely to adversely affect the implementation and management of the activities or to significantly delay or jeopardize the performance of the activities or the expected outputs and outcomes The Bank will carry out the visibility activities agreed between the Bank and the SRSS in the Visibility Note, as may be updated from time to time by the parties, in line with Article 9 and Attachment 4 of the Framework Agreement. Bank team composition: The Bank shall, in its sole discretion, determine the composition of the staff (including staff holding consultant appointments) assigned to perform the activities under this Agreement. The Bank team will be managed by a Bank Task Team Leader with relevant experience, drawing on the expertise of the World Bank Group staff with extensive experience on capital market development in EU Member States and other advanced jurisdictions. The Bank team will include the following competencies: - In-depth knowledge of Europe's capital markets and the EU regulatory framework for financial services. - Ability to assess the status of capital markets and propose recommendations for further development in the EU context. - Ability to produce high-quality written outputs - Project management, economic, and other skills that will be considered necessary for the execution of the activities. 11C ANNEX 4 INDICATIVE RESULTS INDICATORS FOR THE ANNEX 1 ACTIVITIES Expected Results Indicators Baseline Result goals Target Assumptions (logic of groups intervention) Impact General consensus among relevant stakeholders (including Government approval) on the strategic approach towards Capital Market Development in the Czech Republic, based on an independent assessment of the capital market. Outcome (s) The Czech Alignment of the MoF does not Analysis is MoF, CNB, Establishment of Republic will draft National currently completed market a have in place a Strategy to the have a and delivered participants, multidisciplinar National Strategy recommendations National as part of the Government y group led by for the contained in the Strategy for final MoF in charge Development of World Bank Capital commentary of developing the Czech Assessment of Market report. the draft National Market, the Capital Development National based on Market in the based on an Strategy, European best Czech Republic, independent submitting it to practice. taking into assessment of several rounds account good the capital of consultations, practices and market, and and taking into lessons learned reviewed account by other against it. comments from countries in stakeholders. addressing similar situations Advice on how to Analysis of Once Analysis is MoF, CNB, Establishment of address legal/ potential decided, completed market a regulatory impediments implementati and delivered participants, multidisciplinar impediments for against EU and on of as part of the Government y group led by the national measures final MoF in charge implementation regulation. under the commentary of developing of the measures draft report. the draft under the draft National National 12 Expected Results Indicators Baseline Result goals Target Assunptions (logic of groups intervention) National Strategy Strategy may Strategy, (if needed). face legal/ submitting it to regulatory several rounds impediments. of consultations, and taking into account comments from stakeholders. Output (s) Delivery of three Report MoF does not All sets of MoF, CNB, Establishment of staged sets of commenting and currently commentary, market a commentary on providing have a including the participants, multidisciplinar the different feedback on the National final Government y group led by measures draft National Strategy for commentary, MoF in charge contained in the Strategy, Capital delivered to of developing draft National regarding the Market the MoF. the draft Strategy. aspects outlined Development National in the outcome based on an Strategy, (s) section. independent submitting it to assessment of several rounds the capital of consultations, market, and and taking into reviewed account against it. comments from stakeholders. 13 ANNEX5 INDICATIVE BUDGET FOR THE ANNEX 1 ACTIVITIES Expenditure Category Average Number Amount in Euro Staff and consultant services 3 47,600 Cost of travel 1 11,300 Training and workshops 0 Other services including 0 translation Sub-total 58,900 Administration fee (5%) 3,100 Total 62,000 The amount estimated for personnel is calculated taking into account different levels of expertise estimated to be required for carrying out the activities described in Annex 1. The World Bank Group entity may transfer amounts between categories of the indicative budget. This does not require an amendment of the Administration Agreement if the Action is carried out as described in Annex I - Trust Fund description. The number of units and amounts indicated in the budget are not binding and reflect the means envisaged for the implementation of the Action. The number of units indicated in the estimated initial budget may not be used to question the actual number of units reported during and at the end of action. 14 Brussels, February 12,2018. Subject: Visibility note applicable to the Part II Europe 2020 Programmatic Single- Donor Trust Fund I-Title of the Contract Part II Europe 2020 Programmatic Single-Donor Trust Fund. H- Objective In accordance with article 9 and Attachment 4 of the Framework Agreement between the European Commission (the Commission) and the World Bank (the Bank), this note defines the visibility activities to be financed by the Bank in order to identify and explain the European Union's support for the activities of the Trust Fund (No TF073005) (EC Contract No SRSS/S2018/008) fully funded by the Commission. III-Activities * All press releases, publications, training programs, seminars or symposia or other public information materials issued shall clearly indicate that the activities have been funded by the European Union via the Structural Reform Support Service of the Commission. * Periodic and final reporting as per Article 5 of the Framework Agreement will identify the European Union as the source of financing of the Action. * The Bank should ensure appropriate acknowledgment on any deliverable (periodic or final), funded by the European Union funds. This acknowledgment should include prominently displaying the EU logo/flag. * Whenever possible and appropriate, joint press releases and joint media activities should be undertaken to promote the partnership and to highlight common achievements. The Bank and the Commission shall invite each other to participate at press conferences, donor conferences and public debates on trust funds where the European Union is a significant contributor. * Where high level visits are planned concerning joint funded activities, the Parties will inform each other and consider co-ordinating these visits and agreeing on joint messages. * In all their common actions, the Commission and the Bank will use a common visual identity to put emphasis on their partnership. U Electronically signed on 16/02/2018 17:27 (UTC+01) in accordance with article 4.2 (Validity of electronic documents) ofCommission Decision 2004/563