# EUR-Lex - 52005DC0287 - EN

Important legal notice

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# 52005DC0287

**Communication from the Commission to the Council and the European Parliament Financial Information on the European Development Funds /* COM/2005/0287 final */ **

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[pic] | COMMISSION OF THE EUROPEAN COMMUNITIES |

Brussels, 29.6.2005

COM(2005) 287 final

COMMUNICATION FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT

Financial Information on the European Development Funds

INTRODUCTION

This document is to be annexed to the draft budget for 2006, in accordance with the 1979 agreements on budgetary procedure.

Article 8(3) of the Financial Regulation of 27 March 2003 applicable to the 9th European Development Fund (EDF)[1] requires the Commission to make this document available to the Council by 15 June, stipulating that this information serves as a basis for an interim estimate of commitments and payments.

As in previous years, this document shows:

- EDF implementation at 31 December 2004;

- financial implementation forecasts for the current year (2005);

- expenditure forecasts for 2006.

Since the entry into force of the 9th EDF, the Member States have made direct contributions to the European Investment Bank (EIB) for the 9th EDF instruments it manages (the Investment Facility and interest-rate subsidies), while contributions for the old instruments managed by the EIB (venture capital and interest-rate subsidies) continue to go through the Commission. This communication therefore draws a clear distinction between EIB payments under the 9th EDF and Commission payments (including payments under old instruments managed by the EIB).

Unless otherwise specified, all the commitments and payments referred to in this Communication are given in gross figures, i.e. before deduction of decommitments and recoveries respectively. This approach is in line with that used for the general budget of the EU. In 2004, the Commission rectified some Stabex transactions. In order to present here figures that reflect economic reality, the impact has been redistributed over the years concerned (2001-2004). More detailed information on this correction is given in Annex 1 to the technical annex of the 2004 Financial Management Report which will be available in June 2005.

SUMMARY

Table 1 gives an overview of implementation in 2004 and updated forecasts for 2005 and 2006. In implementation, there was a slight delay in commitments compared with the October 2004 estimates (see section 1.2.1) but this may be reabsorbed in the coming years. Payments were the highest in the history of the EDF.

The Commission has updated its forecast commitments and payments given in the October 2004 communication[2] for the years 2005 and 2006 for each of the ACP[3] countries and OCTs[4]. As in 2004, it has taken great care with the payments estimate in order to (i) minimise the risk of Member States’ earmarking too great an amount in their national budgets; while (ii) ensuring the EDF is adequately funded and that there are no liquidity problems of the type encountered at the end of 2003 and in May 2004. The EIB has also updated its forecasts for instruments of both the 9th and previous Funds. The full figures are set out in this communication. As usual, these estimates will be revised in the October communication.

The combined volume of commitments for the Commission and the EIB should be just over EUR 4 billion in 2005 and EUR 3.6 to 3.7 billion in 2006, enabling the total financial envelope made available by the Cotonou agreement to be used (including transfers from previous EDFs) by the end of 2007. Payments should reach approximately EUR 3 billion for the first time in 2005. The preliminary estimate for 2006 is EUR 3.2 to EUR 3.3 billion. The new estimates for 2005 and 2006, which include a preliminary estimate for use of the balance of the conditional EUR 1 billion, are given in more detail under points 2 and 3 of this document. Point 4 gives the updated balance sheet and the contributions to be paid by the Member States. Table 3 provides a summary. Annex 3 gives a breakdown of contributions by tranche for each Member State.

The following graph illustrates commitment and payment trends. It clearly shows the structural upward trend of payments since 2000.

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---- Commitments

___ Payments

Table 1 - Updated estimate of commitments and payments (in EUR million)

2004 | 2005 | 2006 |

Communication October 2004[5] | Implementation | Communication: October 2004[6] | Update | Communication: October 2004 | Update |

COMMITMENTS |

Traditional Commission instruments | 2 597 | 2 343 | 3 303 | 3 290 | 2 635 |

Peace Facility | 250 | 250 | - | - | - |

Stabex | 10 | 10 | 10 |

Water Facility | 3 | 45 | 197 | 80 | 125 |

Additional €750 m | 120 | 330 |

Total for the Commission | 2 850 | 2 648 | 3 500 | 3 500 | 3 100 |

EIB instruments (9th EDF) | 335 | 314 | 555 | 610 | 550 |

TOTAL | 3 185 | 2 962 | 4 055 | 4 110 | 3 500 | 3 650 |

PAYMENTS |

Traditional Commission instruments | 2 282 | 2 267 | 2 367 | 2 296 | 2 372 |

Old EIB instruments | 170 | 153 | 135 | 92 | 72 |

Peace Facility | 22 | 37 | 61 | 80 | 95 |

Water Facility | 1 | 0 | 57 | 14 | 38 |

Additional €750 m | 0 | 153 |

Sub-total | 2 475 | 2 457 | 2 620 | 2 482 | 2 730 |

Stabex | 7 | 17 | 20 |

DR Congo | 0 | 89 |

Total for the Commission | 2 475 | 2 464 | 2 620 | 2 588 | 2 750 |

Total 9th EDF EIB instruments | 94 | 93 | 222 | 445 | 489 |

TOTAL | 2 569 | 2 557 | 2 842 | 3 033 | 3 400 | 3 239 |

1. IMPLEMENTATION OF THE EUROPEAN DEVELOPMENT FUNDS AT 31 DECEMBER 2004

1.1. Availability at 31 December 2004

Unlike the figures in the rest of the document, the figures given in this section for commitments and payments are net, i.e. after decommitments and recoveries. This is necessary to determine the level of available funds, which is by definition net.

Taking account of transfers from previous EDFs, total funds available under the 9th EDF at the end of the year for the Commission and the EIB stood at EUR 16 149 million. Of this amount, approximately EUR 6 475 million was committed. The balance (EUR 9 674 million) will be committed before the end of 2007. These figures take account of the mobilisation of the EUR 250 million of the conditional EUR 1 billion for the Water Facility. The balance (EUR 750 million) is not included in the appropriation available.

More detailed figures are given in Annex 1.

1.2. Implementation of the EDFs in 2004

1.2.1. Commitments

After a record level of new commitments in 2003 (EUR 4 135 million), linked to the relatively late entry into force of the 9th EDF, commitments fell in 2004 to a normal level (EUR 2 962 million) for the second year of a new commitments cycle. Especially for the Commission part (EUR 2 648 million), commitments remained slightly (7%) below the objective set in the October 2004 communication (EUR 2 850 million). This delay is mainly due to the fact that two important projects could not be implemented: a major road construction project in Uganda (approximately EUR 100 million) because Uganda failed to comply with certain conditions, and a rehabilitation programme in Sudan (approximately EUR 50 million), as a result of the political situation reigning in Sudan. The Commission made decommitments of around EUR 298 million, bringing net Commission commitments to EUR 2 350 million.

1.2.2. Payments

The payments made in 2004 (EUR 2 557 million for the Commission and the EIB) were the highest ever and confirm the positive structural trend in the volume of payments.

With a sum of EUR 2 464 million, the Commission has almost achieved the volume forecast in October last year (EUR 2 475 million). If the Commission had had all the contributions requested from the Member States before the end of 2004, it could have made an additional payment for a campaign against polio (EUR 41 million) and expenditure would have reached EUR 2 505 million. The EIB made payments of EUR 93 million in line with its October forecasts.

The Commission made recoveries and payment corrections of about EUR 50 million, bringing the Commission’s total net payments to the order EUR 2 414 million.

1.2.3. Breakdown of commitments and payments by instrument

For information purposes, the table in Annex 2 gives the breakdown of expenditure by instrument for the years 2003 and 2004.

1.2.4. Financial movements in 2004

The table below gives the start-of-year and end-of-year balances for 2004, the Member States’ contributions to the EDF and payments. The table does not include payments made under Stabex (EUR 7.3 million) nor special measures for the Democratic Republic of the Congo (EUR 0.1 million) because this expenditure was made from separate accounts to which Member State contributions have already been made and which did not require new financial resources via normal calls for contributions.

Note that the Commission ended 2004 with a cash balance of around EUR 62 million on its current account. This is lower than in previous years and shows that the Commission is doing everything it can to use the financial resources placed at its disposal by the Member States efficiently. As a result of the transfer of EUR 100 million to the Commission, decided by the Council in November 2004, the EIB ended the year with a balance of approximately EUR 8 million.

Table 2 - Financial movements in 2004 (current accounts)

€ million

Commission | EIB | TOTAL |

9th EDF |

Balance at 01.01.2004 | 82.3 | 67.5 | 149.7 |

Member States' contributions for 2004: | 2 315.0 | 25.0 | 2 340.0 |

1st tranche | 725.0 | 125.0 | 850.0 |

2nd tranche | 1 100.0 | 0,0 | 1 100.0 |

3rd tranche | 390.0 | 0.0 | 390.0 |

Transfer from the EIB to the Commission | 100.0 | -100.0 | 0.0 |

2003 contributions paid in 2004 | 95. | 8.5 | 104.3 |

2004 contributions paid in 2003 | -1.4 | -1.4 |

2004 contributions paid in 2005 | -42.4 | -42.4 |

Interest and other products | 19.0 | 19.0 |

Recoveries and corrections | 50.3 | 50.3 |

Payments | -2 456.9 | -93.1 | -2 550.0 |

Balance 31.12.2004[7] | 61.7 | 7.8 | 69.5 |

2. FINANCIAL IMPLEMENTATION FORECASTS FOR 2005 AND 2006

2.1. Commitments

2.1.1. 2005 financial year

Reminder |

In its communication of October 2004,[8] the Commission and the EIB estimated total commitments in 2005 at EUR 4 055 million, broken down as follows:

- EUR 555 million for the instruments managed by the EIB under the 9th EDF, and

- EUR 3 500 million for the instruments managed by the Commission. This figure took account of the mobilisation of EUR 250 million for the Water Facility as the first tranche of the conditional EUR 1 billion, decided by the Council[9] inMarch 2004.

Position at 30 April 2005

- Between 1 January and 30 April, the EIB had committed a total of EUR 126 million from the Investment Facility and approximately EUR 33 million for interest-rate subsidies (9th EDF).

- Commitments from instruments managed by the Commission stood at EUR 297 million. Note that the commitment procedure is such that a large number of pending commitments accumulate in the first half of the year. Most are project proposals in the course of adoption by the Commission that require consultation with the Member States. On 30 April, this volume wasEUR 615 million. The total therefore stood at EUR 912 million (final amounts and those pending adoption).

Outlook for implementation to the end of 2005

- The EIB is raising its forecast for 2005 from EUR 555 million to EUR 610 million (+ EUR 55 million). Of this EUR 610 million, EUR 537 million is earmarked for the Investment Facility and EUR 73 million for operations eligible for interest-rate subsidies.

- For the Commission, the new estimates of EUR 3 500 million confirm the overall amount announced in October 2004 and remain quite ambitious at this stage but are in line with the timetable for fully using up the financial envelope by the end of 2007. This amount includes EUR 80 million for the Water Facility (from the first tranche of EUR 250 million decided in 2004). As to the mobilisation of the additional EUR 750 million (the balance of the conditional EUR 1 billion), EUR 120 million was included in this estimate on a preliminary basis. This amount is in line with the Commission proposal on the use of the additional envelope. It should be adjusted according to the decision taken by the Council.

- In total, the revised level of commitments is EUR 4 110 million (+EUR 55 million).

2.1.2. 2006 financial year

Whereas in its October 2004 communication the Commission based its forecasts for 2006 on the commitments cycle usually observed for previous EDFs, it has now based its forecasts on specific plans. Tentatively assuming that EUR 330 million are committed from the additional EUR 750 million, forecast commitments are EUR 3 100 million. As regards the new instruments managed by the EIB, the Bank reckons that it will be able to commit EUR 550 million. Commitments for the Commission and the EIB would therefore total about EUR 3 650 million. Maintaining this high level reflects the pledge made by the Commission and the EIB to mobilise all the sums made available by the Cotonou Agreement.

2.2. Payments

2.2.1. 2005 financial year

Reminder

In October 2004,[10] the Commission and the EIB estimated a total of EUR 2 842 million for 2005, broken down as follows:

- EUR 222 million for the instruments managed by the EIB under the 9th EDF, and

- EUR 2 620 million for the instruments managed by the Commission (including former EIB instruments).

State of implementation at 30 April 2005

- At 30 April 2004, the EIB had made payments of EUR 41 million.

- The Commission had paid EUR 535 million. This is higher than in the past at the same time of the year. In addition to these sums, approximately EUR 126 million was in the pipeline, i.e. payment had been ordered by the Commission.

Outlook for implementation to the end of 2005

- The EIB has revised its forecasts upwards, from EUR 222 million in October 2004 to EUR 445 million now (+ EUR 223 million). Of this EUR 445 million, EUR 372 million is earmarked for the Investment Facility and EUR 73 million for operations eligible for interest-rate subsidies.

- As last year, the Commission has been particularly careful when updating payment estimates. For each country, it has drawn up a forecast per project (commitment) and per contract. The new forecast results in a total for the Commission of EUR 2 588 million, which is close to the estimate of October 2004 (EUR 2 620 million). The slight drop is explained by (a) a downward revision by the EIB of payments under the old instruments (risk capital and interest-rate subsidies) from EUR 135 million to EUR 92 million, and (b) a reduction of the expected expenditure for the Water Facility from EUR 57 million to EUR 14 million (payments will probably be distributed over a longer period than estimated initially; also the great success of the call for proposal means a slight delay in the award of contracts). With regard to the mobilisation of the EUR 750 million (the balance of the conditional EUR 1 billion), no sum has been earmarked at this stage. The situation will be reassessed in the October 2005 communication.

- In total, the EIB and the Commission’s combined needs amount to EUR 3 033 million, i.e. EUR 191 million more than was estimated in October (EUR 2 842 million).

2.2.2. 2006 financial year

For 2006, the forecast total is EUR 3 239 million, comprising:

- EUR 489 million for the EIB from the 9th EDF, EUR 39 million of it for interest-rate subsidies;

- EUR 2 750 million for the traditional instruments managed by the Commission.

Given that they concern a fairly long time frame, the figures must be treated with caution.

3. FINANCIAL SITUATION FORECAST FOR 2005 AND 2006

Table 3: Financial forecasts for 2005 and 2006.

EUR million

October | Revision |

Communication[11] |

Commission | EIB | TOTAL | Commission | EIB | TOTAL |

9th EDF | 9th EDF |

Balance 31.01.2005 | 82 | 7 | 89 | 62 | 8 | 70 |

2004 contributions paid in 2005 | - | 0 | 42 | - | 42 |

2005 contributions of which: | 2 560 | 222 | 2 782 | 2 385 | 460 | 2 845 |

1st tranche (decided) | 1 360 | 60 | 1 420 | 1 360 | 60 | 1 420 |

2nd tranche | 800 | 99 | 899 | 750 | 300 | 1 050 |

3rd tranche | 400 | 63 | 463 | 275 | 100 | 375 |

Interest | 5 | - | 5 | 5 | - | 5 |

Recoveries | 50 | - | 50 | 50 | - | 50 |

Payments | -2 620 | -222 | -2 842 | -2 482 | -445 | -2 927 |

Balance 31.12.2005 | 77 | 7 | 84 | 62 | 23 | 85 |

2006 contributions | 2 720 | 500 | 3 220 |

Interest | 5 | - | 5 |

Recoveries | 50 | - | 50 |

Payments | -2 780 | -489 | -3 269 |

Balance 31.12.2006 | 57 | 34 | 91 |

To cope with the sharp increase in payment forecasts, the EIB requests an increase in contributions of EUR 238 million for 2005 (EUR 460 million against EUR 222 million in October).

For the Commission, the total payments forecast does not vary significantly from October’s estimate. However, the amounts that will be spent from the secure Stabex account and the separate DR Congo account (elections) should be subtracted, i.e. EUR 106 million (see table 1), because this expenditure does not require any new financial resources from the Member States. Taking into account also the EUR 42 million paid in January 2005 as 2004 contributions, total 2005 contributions can be reduced by EUR 175 million. This reduction absorbs a large part of the increase requested by the EIB.

Table 3 sets out the amount of the three calls. The amount requested by the EIB for the 2nd tranche (EUR 300 million) is a sharp increase. To enable the Member States to cope more easily with this increase, the Commission can accept a second tranche that is slightly lower than forecast in October (EUR 750 million against EUR 800 million). Following a better distribution of payments over the year, the Commission is asking for a third tranche of contributions that is lower than in the past, to compensate the second tranche.

A preliminary forecast of contributions for 2006 produces a figure of EUR 3 160 million. The increase in (estimated) contributions between 2003 and 2006 is considerable (2003: EUR 2 200 million; 2004: EUR 2 440 million;2005: EUR 2 845 million) and reflects the improving performance of the EDF.

4. THE FUTURE

The Commission reiterates its pledge to do everything in its power to mobilise the funds made available under the Cotonou Agreement (including transfers from old Funds) for the end of 2007. It is clear that achievement of this objective is not up to the Commission alone. Indeed, the very nature of the cooperation agreements (Lomé and Cotonou), namely the fact that they are based on partnership, means that the rate at which the EDF is implemented will depend on the absorption capacity of the ACP countries (sufficiently stable political situation, minimum governance, etc). The Commission will continue supporting them by giving all possible technical assistance to the National Authorising Officers and proposing corrective measures if necessary, at the latest when funds are reallocated following the end-of-term review in 2006.

ANNEX 1 Consolidated situation of the EDF (6th to 9th) for the ACP countries and OCTS 31 December 2004 (EUR million)

MANAGED BY THE COMMISSION | Allocations | Commitments | Payments[12] |

National and territorial allocations | 23 975 | 17 522 | 11 209 |

CDE,[13] CTA[14] and JPE[15] | 65 | 65 | 28 |

Long-term development reserve | 430 | 0 | 0 |

Regional cooperation | 6 197 | 5 021 | 3 023 |

Interest-rate subsidies | 395 | 395 | 352 |

Risk capital (EDF 6 to 8) | 2 566 | 2 566 | 2 137 |

Structural adjustment facility | 2 747 | 2 747 | 2 634 |

Emergency assistance | 724 | 724 | 720 |

Aid for refugees | 298 | 298 | 263 |

Stabex | 3 853 | 3 853 | 3 407 |

Sysmin | 703 | 703 | 563 |

Use of interest | 38 | 38 | 30 |

Transfer from EDFs 1 to 5 | 441 | 441 | 393 |

Debt relief (7th and 8th EDFs) | 1 100 | 1 100 | 1 100 |

Studies and TA[16] for the OCTS | 2 | 1 | 0 |

Cost of implementation | 125 | 125 | 55 |

DR Congo special assistance | 107 | 92 | 0 |

Miscellaneous revenue | 36 | 2 | 0 |

Subtotal | 43 802 | 35 692 | 25 914 |

MANAGED BY THE EIB |

Interest-rate subsidies | 188 | 0 | 0 |

Investment Facility | 2 057 | 680 | 97 |

Subtotal | 2 245 | 680 | 97 |

GRAND TOTAL (6th to 9th EDFs) | 46 047 | 36 372 | 26 011 |

Unlike the figures given elsewhere in this document, the figures in this table are net, i.e. they take account decommitments and recoveries (necessary to know the level of availability, which is by definition net).

ANNEX 2 Breakdown of expenditure by instrument for the years 2003 and 2004

EUR million

2003 | 2004 |

commitments | payments[17] | commitments | payments |

PROGRAMMES MANAGED BY THE COMMISSION |

6th to 8th EDF Indicative Programmes |

Total | 213.2 | 1 073.0 | 0 | 1 075.1 |

Excluding indicative programmes |

Interest-rate subsidies | 13.6 | 8.5 | - | 9.8 |

Emergency Assistance | 2.3 | 6.4 | - | 2.5 |

Aid to refugees | - | 32.1 | - | 26.9 |

Risk capital | 240.3 | 226.6 | - | 143.3 |

Mining products | 2.5 | 40.3 | - | 27.4 |

Stabex | 7.7 | 109.3 | 9.6 | 7.3 |

Structural adjustment facility | 5.0 | 174.5 | - | 89.7 |

HIPC (debt relief) | - | 209.0 | - | - |

Transfer from other Funds | 3.0 | 17.8 | - | 11.2 |

Use of interest | 11.5 | 7.7 | - | 16.4 |

Studies + technical assistance OCTs | 0.7 | 0.3 | - | 0.0 |

Total | 286.5 | 832.4 | 9.6 | 334.5 |

9th EDF + transitional measures |

Envelope A | 1 918.5 | 162.9 | 1 739.5 | 654.7 |

Envelope B | 220.3 | 44.8 | 230.2 | 144.4 |

Regional projects | 177.6 | 1.6 | 134.1 | 12.3 |

Intra-ACP Cotonou Projects | 759.8 | 230.4 | 413.6 | 158.9 |

Costs of implementation | 154.8 | 93.8 | 56.6 |

Other | 37.9 | 27.0 | 27.7 |

Total | 3 268.8 | 439.6 | 2 638.2 | 1 054.6 |

Total managed by the Commission | 3 768.5 | 2 345.0 | 2 647.8 | 2 464.3 |

PROGRAMMES MANAGED BY THE EIB (9TH EDF) |

Investment Facility | 366.2 | 4.0 | 314.2 | 93.1 |

EDF TOTAL | 4 134.7 | 2 349.1 | 2 962.0 | 2 557.4 |

ANNEX 3 CONTRIBUTIONS TO THE EDF FOR 2005 (in euros)

COUNTRY | SCALE | 1st tranche | 2nd tranche | 3rd tranche | TOTAL |

|8th EDF |paid to |paid to |payable to |payable |payable to |payable to | | | |% |EIB |Commission |EIB |Commission |EIB |Commission |tranches | |GERMANY |23.36 |14 016 000 |317 696 000 |70 080 000 |175 200 000 |23 360 000 |64 240 000 |664 592 000 | |BELGIUM |3.92 |2 352 000 |53 312 000 |11 760 000 |29 400 000 |3 920 000 |10 780 000 |111 524 000 | |DENMARK |2.14 |1 284 000 |29 104 000 |6 420 000 |16 050 000 |2 140 000 |5 885 000 |60 883 000 | |SPAIN |5.84 |3 504 000 |79 424 000 |17 520 000 |43 800 000 |5 840 000 |16 060 000 |166 148 000 | |FRANCE |24.30 |14 580 000 |330 480 000 |72 900 000 |182 250 000 |24 300 000 |66 825 000 |691 335 000 | |GREECE |1.25 |750 000 |17 000 000 |3 750 000 |9 375 000 |1 250 000 |3 437 500 |35 562 500 | |IRELAND |0.62 |372 000 |8 432 000 |1 860 000 |4 650 000 |620 000 |1 705 000 |17 639 000 | |ITALY |12.54 |7.524 000 |170 544 000 |37 620 000 |94 050 000 |12 540 000 |34 485 000 |356 763 000 | |LUXEMBOURG |0.29 |174 000 |3 944 000 |870 000 |2 175 000 |290 000 |797 500 |8 250 500 | |NETHERLANDS |5.22 |3 132 000 |70 992 000 |15 660 000 |39 150 000 |5 220 000 |14 355 000 |148 509 000 | |PORTUGAL |0.97 |582 000 |13 192 000 |2 910 000 |7 275 000 |970 000 |2 667 500 |27 596 500 | |UK |12.69 |7 614 000 |172 584 000 |38 070 000 |95 175 000 |12 690 000 |34 897 500 |361 030 500 | |AUSTRIA |2.65 |1 590 000 |36 040 000 |7 950 000 |19 875 000 |2 650 000 |7 287 500 |75 392 500 | |FINLAND |1.48 |888 000 |20 128 000 |4 440 000 |11 100 000 |1 480 000 |4 070 000 |42 106 000 | |SWEDEN |2.73 |1 638 000 |37 128 000 |8 190 000 |20 475 000 |2 730 000 |7 507 500 |77 668 500 | |TOTAL |100.00 |60 000 000 |1 360 000 000 |300 000 000 |750 000 000 |100 000 000 |275 000 000 |2 845 000 000 | |

[1] OJ L 83, 1.4.2003, p.1.

[2] COM(2004) 763 final, 19.11.2004. EDF: Estimate of commitments and payments and of contributions to be paid by the Member States for 2004 and 2005 – Forecast of commitments and payments for 2006 to 2009.

[3] African, Caribbean and Pacific States.

[4] Overseas countries and territories.

[5] As amended on submission to the Council (see Council document No 194/04 ACP of 6 December 2004).

[6] Idem.

[7] Without EUR 180.4 million in 2005 contributions paid a0.4 million in 2005 contributions paid at the end of December 2004.

[8] See footnote 2.

[9] Council Decision 2004/289 of 22 March 2004.

[10] See footnote 5.

[11] See footnote 5.

[12] An amount of € 4.4 million paid to Ethiopia was not reclassified as payments in the accounting system in the context of the 2004 Stabex regularisation and will be booked on the 2005 accounts.

[13] Centre for the Development of Enterprise.

[14] Technical Centre for Agricultural and Rural Development.

[15] Joint Parliamentary Assembly.

[16] Technical assistance.

[17] See footnote 12.

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