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Pacific ahead of other ACP regions in allocating Aid for Trade funds

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Tuesday, 08 March 2011

Pacific ahead of other ACP regions in allocating Aid for Trade funds

The Pacific is one of the first regions of the African, Caribbean and Pacific (ACP) to fully allocate its Aid for Trade funds from the European Commission.35 million Euros has been assigned to the region for 2008-2013, the period of the 10th European Development Fund (EDF).A Financing Agreement for 28 million Euros of this allocation will be signed on Friday in Port Vila for the Strengthening Pacific Economic Integration through Trade project, said a statement from the Pacific Islands Forum Secretariat.“A further 7 million Euros has been allocated to two additional projects which are going through the final phases of application now.“This means the full 35 million Euros has been programmed by Pacific ACPS, the statement added.Several ACP regions have yet to fully programme their Aid for Trade funds for a range of reasons.“This means that we are well advanced in our access and use of EU-provided Aid for Trade funds and will be commencing our projects to support trade before some other regions complete their allocation process.Funds are programmed through a PACP defined and directed process, which was developed in early 2010.“We are now seeking additional sources of funds to be allocated through this process, both from the EC and from other development partners, said PIFS.PACNEWS understands that two proposals have been selected for funding in 2011. These are the revised allocation of 3 million Euros proposed for the Office of the Chief Trade Adviser for PACER Plus, based in Vanuatu and a 4 million Euros proposal for the Melanesian Spearhead Group (MSG) to fund Economic Partnership Agreement (EPA) related issues.

Source: Pacific Islands News Association (PINA)