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Wednesday, 23 June 2010

EIB President welcomes second revision of Cotonou agreement

Earlier today the European Union and 79 countries from Africa, the Caribbean and the Pacific (ACP) proceeded to the signature, in Ouagadougou, of the second revision of the Cotonou Partnership Agreement. The latter will notably allow the European Investment Bank to enhance its financing of regional infrastructure projects together with ACP sponsors. It will also offer the possibility for the Bank to accompany South African intermediaries in their drive towards regional economic integration for projects located in the rest of Africa. During the ACP-EU Joint Council, EIB President Philippe Maystadt reiterated the Bank’s commitment to actively contribute to the financing of climate change projects in developing countries and proposed to launch an EU climate action initiative together with the European Commission and EU Member States. Alongside the ACP-EU Joint Council of Ministers, President Maystadt also signed a technical assistance agreement with Mr. Amadou Diallo, Secretary General of the West African Power Pool (WAPP) for the preparation of the “Mount Coffee Hydropower Rehabilitation Project”. The signing of the agreement took place in the presence of EU Commissioner for Development, Andris Piebalgs, as well as the Minister of Lands, Mines and Energy of Liberia, Dr. Eugene Shannon and the Managing Director of the Liberia Electricity Corporation, Mr. Joseph Mayah. The implementation of the hydropower rehabilitation project will enable Liberia to respond to its power needs as well as those of the sub-region through the WAPP interconnected grid. The overall project will contribute to economic development, poverty reduction and trade in post-conflict Liberia. This EUR 1.5 million assistance programme will
be funded by the EU-Africa Infrastructure Trust Fund, managed by the EIB.

Source: European Investment Bank