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Wednesday, 06 January 2010

EU grants Mauritius aid to mitigate the effects of the financial crisis

According to information transmitted to APA in the Mauritian capital Port Louis, the European Union has decided to provide Mauritius with 16 million dollars in financial assistance to mitigate the effects of the world economic crisis. Sources close to the Finance Ministry say the subsidy has been granted under the FLEX Vulnerability Mechanism which set up by the EU to help address the impact of the international economic recession on industrial exports and tourism. Mauritius will receive another EU subsidy in the resource allocation scheduled for next year. The sources indicate that Mauritius is one of the first group of 13 African, Caribbean and Pacific countries to benefit from financial help as a result of the European Commission’s decision, and that the EU initially plans to release 239 million Euros. To quote a press release issued by the European Commission in Belgium, “This is the first of a series of decisions on FLEX Vulnerability financing, which is estimated at 500 million Euros and was approved in August 2009 to help African, Caribbean and Pacific countries cope with the effects of the economic crisis.”

Source: Afrique Avenir