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Fund continues until 2020

Written By : MAKERETA KOMAI PACNEWS in Brussels, Belgium. There is now some small indication from the European Commission of a successor to its financial regime with African, Caribbean and
03 Jun 2011 12:00

image Written By : MAKERETA KOMAI PACNEWS in Brussels, Belgium. There is now some small indication from the European Commission of a successor to its financial regime with African, Caribbean and Pacific (ACP) group under the Cotonou Agreement, known as the European Development Fund (EDF).
The current 10th EDF expires in 2013 and to date there has been no formal commitment from the European Commission on its future.
At a background briefing with the European Commission here in Brussels, journalists from ACP countries were informed that the EC will ‘continue with its financing instrument under the Cotonou Agreement’.
“But its shape and form is still being worked out. A major policy statement will be communicated to the ACP on June 25, said a senior EC official.
The official did not however commit himself to the question of whether the next EDF will be greatly reduced because of pressure from within the European Union membership.
“We are not sure at this stage as to what the size and value of the successor to EDF 10 will be because it is now being discussed by the Commission. Our member states are looking carefully at how much they will give to the EU.
“You must also understand that in light of the current economic crisis many of our members are facing, they will have to weigh up their national commitments against their overseas development aid commitments,” said the EC official.
PACNEWS understands that the EC is considering budgetising EDF so that it comes under the oversight of the European Parliament.


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