The Foreign Affairs Council of European Union (EU) Monday decided to provide 6.5 billion euros (about $9 billion) in supporting for trade in West Africa, Xinhua reported.
An EU conclusion agreed by the 28-member bloc's foreign ministers said that the funds will greatly enhance trade and investment flows to West African countries from 2015 to 2020, thus contributing to their development, sustainable growth and poverty reduction.
According to the EU conclusion, the funds will be carried out under the Economic Partnership Agreement Development Program (PAPED), which is an essential element of the Economic Partnership Agreement (EPA) negotiated with West Africa, and will provide funding for projects linked to trade, industry, transport and energy infrastructure in the region, as well as through support to civil society.
In 2010, the EU pledged to provide 6.5 billion euros to support the PAPED for the period 2010-2014. This pledge was eventually increased and the EU has funded projects worth 8.2 billion euros.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app