1. Foreword

In accordance with Article 7(3) of the 10th EDF Internal Agreement[1] and Article 57(2) of the Council Regulation (EC) No 215/2008 on the Financial regulation applicable to the 10th European Development Fund (hereinafter referred to as "10th EDF Financial Regulation")[2], the Commission presents in this document estimates of commitments, payments and contributions for the period 2014 to 2016, taking into account the forecasts of the European Investment Bank (EIB).

This document sets out the financial implementation of the EDFs (8th to 10th) for 2013 and the forecasts of implementation for 2014 till 2016. In addition, this document draws a non-binding estimation, for the EDF contributions, from the Member States, for the years 2017 and 2018.

The Member States contribute funds directly to the European Investment Bank for the instruments which it manages under the 9th and 10th EDFs (the Investment Facility and interest-rate subsidies).

2. Introduction

The Commission and the EIB have updated their commitment and payment forecasts for 2014, 2015 and 2016 for each of the ACP countries[3] and the OCTs[4]. The payment forecasts in particular have been compiled with the aim of helping the Member States to assess as accurately as possible the amounts they need to earmark in their national budgets while ensuring that sufficient financial resources are available for the EDF to avoid liquidity problems.

In accordance with Article 7 of the 10th EDF Internal Agreement[5] and Article 57(5) of the 10th EDF Financial Regulation[6], the estimates provided in this document have been updated.

The graph below shows the general trend in gross commitments and payments since 1999, including projections for 2014, 2015 and 2016 (Commission and EIB cumulated amounts).

Gross commitments and payments: trend 1999-2016 (Million EUROS)[7]

NB: figures from implementation of the European Development Funds at 31 December 2013 (commitments, payments and financial situation) and forecasts for 2014, 2015 and 2016.

The attachments 1, 2 and 3 show respectively the actual commitments, payments and financial situation recorded in 2014 compared with previous forecasts.

3. Financial forecasts for 2014 - 2016

The following table provides an update of the commitments, the payments and of the contributions, based on our latest forecasts.

4. Non-binding Estimation of contribution for 2017 - 2018

5. Financial implementation forecasts for 2014, 2015 and 2016

The updated forecasts are set out in Attachments 1 to 3.

The updated 2014 forecasts confirm the Member States' contributions to the EDF for 2014 at EUR 3 250 million, as decided by the Council in October 2013[8].

It should be noted that due to the request of the EIB to cancel the third instalment for 2014 and as a consequence of the increase in payments made by the Commission in the course of 2013 and of those planned for 2014, justifying an increase in treasury needs, the amount cancelled by the EIB has been transferred to the Commission. This means that the final request to the Member States is EUR 3 144 million for the Commission and EUR 106 million for the EIB (see attachment 4 for detail on the split of the 2014 contribution requests).

It should be stressed that these figures confirm the June 2014 communication from the Commission in terms of consumption for the current year. Also to be noted is the Ebola crisis in West African countries with a potentially major financial impact on the relatively small EDF cash balance.

For 2015, the annual amount of the contribution is set to EUR 3 600 million inline with the ceiling voted by the Council in November 2013[9]. However, the EIB share accounts for EUR 200 million (down by EUR 100 million compared to the ceiling communication decided in November 2013) while the Commission will amount to EUR 3 400 million (up by EUR 100 million). This transfer allows smoothing the binding Member States contribution for 2015 (annual amount) and 2016 (ceiling amount) at EUR 3 600 million.

5.1. Attachment 1: forecasts for commitments[10] for 2014, 2015 and 2016 (EUR million)

5.2. Attachment 2: forecasts for payments[11] for 2014, 2015 and 2016 (EUR million)

5.3. Attachment 3: Financial situation for 2014, forecasts for 2015 and 2016 (EUR million) and non-binding estimations for 2017 and 2018

5.4. Attachment 4: Member States contributions for 2014 (EUR)

5.5. Attachment 5: Member States contributions for 2015 (EUR)

[1] Internal Agreement between the Representatives of the Governments of the Member States, meeting within the Council, on the financing of Community aid under the multiannual financial framework for the period 2008 to 2013 in accordance with the ACP-EC Partnership Agreement and on the allocation of financial assistance for the Overseas Countries and Territories to which Part Four of the EC Treaty applies (OJ L 247, 9.9.2006, p. 32).

[2] OJ L 78, 19.3.2008, p. 1.

[3] African, Caribbean and Pacific States.

[4] Overseas Countries and Territories.

[5] OJ L 247, 9.9.2006, p. 32.

[6] Council Regulation (EC) No 215/2008 of 18 February 2008 on the Financial Regulation applicable to the 10th European Development Fund.

[7] For 2014-2016, forecasted amounts

[8] Council Decision of 7 November 2013 – Council document 15699/13

[9] Council Decision of 8 November 2013 – Council document 15454/13

[10] Gross commitments, i.e. without de-commitments being deducted.

[11] Gross payments, i.e. without recoveries being deducted.