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New 7 year mandate for investment facility in the ACP

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Thursday, 25 July 2013

New 7 year mandate for investment facility in the ACP

The 11th European Development Fund (the new financial package covering the cooperation relations between the EU and the African, Carribean and Pacific – ACP – countries for the next period of seven years 2014-2020) will provide EUR 500 million for the ACP Investment Facility - a special fund for private sector investment - and a grant envelope of EUR 634 million for interest rate subsidies and technical assistance, both administered by the European Investment Bank (EIB) – EU’s long-term lending bank.  
These funds will be complemented by a further EUR 2.5 billion to be made available by the European Investment Bank on its own resources guaranteed by the EU Member States for lending primarily for public sector projects.
This brings the total sum which will go to the Investment Facilities and loans managed by the European Investment Bank (EIB) to €3.63 billion,

Moreover, a 25% increase in lending to the region under the ACP Investment Facility is expected, European Investment Bank President Werner Hoyer said on the occasion of the annual visit of Ambassadors of ACP partner countries to the bank’s Luxembourg headquarters, on July 9th. Also, an increase in the effectiveness of the engagement of the EIB in the region is expected to come over the years through lending, blending and advising, he claimed.
On the date, he also reaffirmed the commitment of EIB to ensuring that infrastructure projects, private sector engagement and regional integration initiatives in ACP counties can benefit from EIB involvement.

This year marks fifty years of European Investment Bank engagement in ACP partner countries and 10 years of lending through the ACP Investment Facility. The Bank finances investment projects in the ACP and OCT regions, under the ACP-EC Partnership Agreement (Cotonou Accord) and the Overseas Association Decision. Currently, the lending under the Facility reaches a an average of EUR 450 per year.

Source: EIB