Brussels, 17/03/2014 (Agence Europe) - For the period 2015-2020, the EU, its member states and the European Investment Bank (EIB) will support the “EPA for development” programme of West Africa to the tune of €6.5 billion. In Brussels on Monday 17 March, the Council of the EU confirmed this in conclusions adopted without debate.
This EPA Development Programme (PAPED) was created by ECOWAS (Economic Community of West African States) in order to guarantee that with the financial support of the international donors, the 16 countries of the region will benefit from the economic partnership agreement (EPA) or progressive trade liberalisation agreements negotiated between the EU and ECOWAS.
For the period 2010-2014, the same commitment was made, but more than €8.2 billion was actually made available, the Council points out. Andris Piebalgs, European Development Commissioner, and Karel De Gucht, European Commissioner for Trade, welcomed these Council conclusions.
The PAPED is a vital element of the EPA and will fund projects related to trade and industry, transport and energy infrastructure in the region. This money will be paid under the 11th European Development Fund (EDF), the relevant instruments of the EU budget, member states willing to participate and the EIB. (AN)