In the next seven years, African Caribbean and Pacific countries can expect to receive up to 30.5 billion euros ($33.7 billion) worth of aid from the European Union, following the full entry into force of the 11th European Development Fund earlier this week.
In a joint statement, EU foreign affairs chief Federica Mogherini and development commissioner Neven Mimica noted that this represents a concrete implementation of the long-standing Cotonou agreement — a treaty governing foreign policy, trade and aid ties between the EU and 79 ACP countries until 2020.
The current EDF presents an increase of $7.8 billion compared with the previous one. But nongovernmental organizations noted that this upsurge is “no revolution” — especially when the difference of duration, inflation and partners are factored in.