In support of the Economic Partnership Agreement, EPA negotiated with West Africa, the European Union, EU, on Monday, confirmed the resolution of its Foreign Affairs Council, FAC.
Two European Union Commissioners, Andris Piebalgs, for Development policy, and Karel De Gucht, said member nations of the EU restated the Council’s resolve to support the new trade policy with at least €6.5 billion (about N1.49 trillion) through the Economic Partnership Agreement Development Program, PAPED for West Africa1 during the period 2015-2020. The funds are however aimed at enhancing the flow of trade and investment to West African Countries.
The region designated as West Africa1 includes Benin, Burkina Faso, Cap Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo and Mauritania.
The EU had acknowledged the importance of the FAC resolutions to PAPED developed by West Africa during the negotiations of the EPA between the 16 states in the region and the European Union.
The latest support is a follow-up to the pledge in 2010 by the EU to provide €6.5 billion to support the PAPED for the period 2010-2014. The pledge was eventually raised, with the EU funding projects worth 8.2 billion Euro (N1.88 trillion) through the European instruments, member States’ bilateral cooperation and the European Investment Bank.