Brussels, 29/05/2009 (Agence Europe) - The joint ACP-EU Council in Brussels on 28-29 May enjoyed it share of policy debates, but it adopted only one formal decision. It was, however, a decision of huge importance since it will allow highly indebted poor countries from the ACP (African, Caribbean, Pacific) group to refinance their debts by means of lower rate loans from the European Investment Bank (EIB). This technical decision, of massive economic and social significance, was achieved through amendment of Annex II to the Cotonou Agreement linking the European Union to the 78 ACP countries. The change, said a European diplomat, allows the EIB to offer least developed countries that are eligible under the HIPC (Highly Indebted Poor Countries) initiative loans at reduced rates. This is important, he went on, in the current period of economic and financial crisis. It aligns arrangements on the management of the EIB's own resources (€2 million) with the more favourable conditions of the European development Fund (EDF) so that reduced rate loans can be granted. (A.N./transl.rt)