2003/451/EC: Decision No 2/2003 of the ACP-EC Council of Ministers of 16 May 2003 on the use of the reserve of the long-term development envelope of the ninth European Development Fund for debt alleviation
Date: 2003-05-16
Institutions: ACP Council of Ministers
Subjects: ACP countries, European Development Fund, cooperation policy, debt reduction, developing countries

L 152/20

EN

Official Journal of the European Union

20.6.2003

II

(Acts whose publication is not obligatory)

COUNCIL

DECISION No 2/2003 OF THE ACP-EC COUNCIL OF MINISTERS

of 16 May 2003

on the use of the reserve of the long-term development envelope of the ninth European Develop-
ment Fund for debt alleviation

(2003/451/EC)

THE ACP-EC COUNCIL OF MINISTERS,

HAS DECIDED AS FOLLOWS:

Having regard to the ACP-EC Partnership Agreement signed in
Cotonou (Benin) on 23 June 2000, hereinafter referred to as
‘the ACP-EC Agreement’, and in particular paragraph 8 of its
Annex I,

Whereas:

(1)

(2)

the ACP-EC Council of Ministers

By Decisions Nos 1/1999 of 8 December 1999, 2/2001
of 20 December 2001 and 3/2002 of 23 December
2002,
allocated
resources to debt alleviation mechanisms in favour of
highly indebted poor ACP countries for a total amount
of EUR 1 185 million. From this amount, EUR 545
million was earmarked for alleviation of outstanding
debt and debt servicing obligations to the Community
and EUR 680 million as a contribution to the Highly
Indebted Poor Countries (HIPC) trust fund administered
by the International Development Association.

it

for debt

continued support

To ensure
alleviation
mechanisms in favour of highly indebted poor ACP
countries,
is appropriate to allocate supplementary
resources to intra-ACP cooperation for a total amount of
EUR 335 million. However, the envelope for regional
cooperation and integration as defined in paragraph 3(b)
of Annex I to the ACP-EC Agreement is exhausted. The
necessary resources will therefore be transferred from
unallocated resources of the ninth EDF long-term devel-
opment envelope,

Article 1

Debt relief

An amount of EUR 335 million shall be transferred from unal-
the ninth EDF long-term development
located resources of
envelope to the intra-ACP allocation under the envelope for
regional cooperation and integration, and used for debt relief in
favour of ACP countries that are eligible under the initiative in
favour of HIPCs in accordance with Article 66 of the ACP-EC
the following
Agreement. This amount can be used for
purposes:

— meeting the outstanding debt and debt servicing obligations
to the Community of ACP countries that are eligible under
the HIPC initiative (EUR 135 million),

— contributing to the financing of the HIPC Trust Fund to the

benefit of ACP countries (EUR 200 million).

Article 2

Financing

In accordance with Article 13(2)(b) of Annex IV to the ACP-EC
the ACP-EC Council of Ministers requests the
Agreement,
Commission to finance support
for a total
amount of EUR 335 million, as defined in Article 1 of this
decision.

for debt relief

Article 3

Final provision

The ACP States, the Community and its Member States shall be
required, each for its own part, to take the necessary steps to
implement this Decision.

20.6.2003

EN

Official Journal of the European Union

L 152/21

This Decision shall enter into force on the day of its adoption.

Article 4

Entry into force

Done at Brussels, 16 May 2003.

For the ACP-EC Council of Ministers

The President

S. RIALUTH VOHOR