In Brussels, European Common Market Commissioners signed financing and trade agreements with 17 African, Caribbean and Pacific countries on Monday (17 July).
In Brussels, European Common Market Commissioners signed financing and trade agreements with 17 African, Caribbean and Pacific countries on Monday (17 July). The new treaties involve aid grants from the European Development Fund amounting to GBP 60 million sterling (108 million U.S. dollars) and export guarantees of GBP 11 million, 400 thousand sterling (20 million, 500 thousand U.S. dollars). The economic aid will be used to finance a variety of agricultural and industrial projects and includes several emergency awards to help deal with special problems in developing countries.
SYNOPSIS: The agreements were signed in the European Economic Community headquarters in Brussels. Mr. Claude Cheysson, the Common market Commissioner for Development Aid, met the delegations from the countries involved, which included the Ambassadors from 14 African nations. Botswana is to receive a special grant to help check the spread of foot-and-mouth disease and there will also be financial backing for three regional projects -- a study off tourism in the Caribbean, greater industrial co-operation between Sierra Leone and Liberia and a telecommunications scheme in the Pacific. Benin receives aid for rural development and Burundi a grant to finance a tea project.
The Trade agreements, known as Stabex, the Stabilisation of Export Prices, were signed with six countries, Benin, Comoros, Djibouti, Guinea-Bissau, Upper Volta and Niger. The Common Market has promised to guarantee the price paid by EEC members for raw materials exported from these countries, whatever the price fluctuations on world markets over the next year. The aid agreement also provides money for school equipment in Guinea-Bissau and a sewage plant and an agricultural project in Kenya.