Brussels, 01/04/2003 (Agence Europe) - The EU Council on Friday adopted without debate a regulation to ensure correct financial management of the 9th European Development Fund (EDF). This regulation, which includes the provisions of the Cotonou Agreement signed between the EU and the ACP countries, and the decisions on financial aid destined to overseas countries and territories, sets the modalities for payment of the Member States' contributions to the EDF, and lays down the conditions for the Court of Auditors to carry out its duties. It specifies that the Commission will take charge of the financial execution of the operations carried out on the EDF resources allocated under the form of non-refundable aid (excepting interest rate subsidies) and that it will also take charge of payments. It also draws inspiration from the provisions of the new financial regulation adopted in June 2002.
The EDF has a ceiling of 13.8 billion euros funded by Member States as follows: Belgium, 540.96 million euros; Denmark, 295.32 million; Germany, 3.223 billion; Greece, 172.5 million; Spain, 805.92 million; France, 3.353 billion; Ireland, 85.56 million; Italy, 1.73 billion; Luxembourg, 40.02 million; Netherlands, 720.36 million; Austria, 365.7 million; Portugal, 133.86 million; Finland, 204.24 million; Sweden, 376.74 million; United Kingdom, 1.751 billion. This sum breaks down as follows: 13.5 billion euros for the ACP countries (10 billion of which as non-refundable aid); 175 million for overseas territories; 125 million for the Commission, to cover costs arising from implementation of EDF.