The European Commission is providing up to 230 million euros (USD334 million) to help 11 African countries and two others in the Caribbean cope with the effects of the global economic crisis. Some 215 million euros of the funds will be channeled through the Vulnerability FLEX mechanism.
"Developing countries were hit hard by the crisis due to their poor resilience to external shocks. This has left funding gaps in many ACP governments' budgets," explained Commissioner for Development and Humanitarian Aid Karel De Gucht. "The Vulnerability FLEX mechanism is the European Union's swift response to help countries maintain priority spending, thereby assisting the worst affected countries to reduce the social costs of this crisis."