Brussels, 10/08/2004 (Agence Europe) - The annual report on the European Investment Bank's Investment Facility looks at the first months of the new system, established in April 2003 under the Cotonou Agreement between the European Union and the ACP (African, Caribbean and Pacific states). The Facility has EUR 2.2 billion provided by EU Member States for the private sector in ACP states or public sector companies operating commercially, providing shared risk funding. The ambitious aims and large sums available (double the amount available under the Lome IV Convention) led to considerable preparatory work, notes the report, which in turn has meant that relatively modest sums have actually been disbursed so far. Nine projects have been funded - in Burkina Faso, Cameroon, Mauritania, Zambia and Mauritius, along with regional operations, for a total of EUR 140 million. The Facility can be renewed and hence is considered a long-term funding mechanism.