Devex Early Intelligence learned from an officer at the European Commission that it has recently approved a grant to the African, Caribbean and Pacific group of states (ACP). Based on the Cotonou Agreement, this grant will be channeled through the European Development Fund which is the main instrument for providing aid for development cooperation in the ACP states.
The 10th EDF covers the years 2008 to 2013 and provides an overall budget of 22.7 billion euros (US$30.6 billion), 165 million euros (US$212.5 million) of which will be used for projects in the Caribbean region.
The Caribbean regional strategy seeks to strengthen partnerships between the European Union and the Caribbean, particularly in the areas of poverty, democracy, human rights, and global threats to peace, security, and stability. In this regard, the commission will support anti-crime and security cooperation; regional economic integration; intra-regional economic and social initiatives; investments in human capital; and strengthening the single market economy and the economic partnership agreement between the Caribbean states and EU.
The Cotonou Agreement was signed in 2000 and will run for 20 years. It aims to reduce poverty; gradually integrate African, Caribbean, and Pacific states into the global economy, and promote sustainable development.