European Commission Helps Mitigate Downturn's Impact in Africa, the Caribbean

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."

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.