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ACP, EU agree on development fund

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Tuesday, 11 June 2013

ACP, EU agree on development fund

The Joint ACP-EU Council of Ministers held in Brussels on 6-7 June compromised on a total financial allocation of 31.589 billion Euro for the next (11th) European Development Fund (EDF), covering the 2014-2020 period.
These funds will be available in more than one year after adoption of the revised Cotonou Agreement by EU and ACP countries. This is why a “bridging facility” is needed: until the entry into force of the 11th EDF, the balances of the 10th EDF and previous EDFs and from funds not used will be employed. However, some disagreement appeared, as the Commission considered that funds should be accounted as an advance to the 11th EDF, and the ACP side requested that it is accounted  in. For the moment, decision on the matter was delayed.
Of the total funding, some €24.37 billion will go to grants national and regional indicative programs, €3.96 billion to grants for intra-ACP and intra-regional programs, while €3.63 billion will go to the Investment Facilities and loans managed by the European Investment Bank (EIB).
The EDF is the main instrument for providing EU assistance to the ACP countries. In the previous period (2008-2013), the EDF had a budget of €22,7 billion.

The ACP-EU Joint Council of Ministers is the highest decision-making body of the ACP-EU partnership framework.

Source: ACP