Proposal for a COUNCIL DECISION concerning the commitment of the funds stemming from reflows under the ACP Investment Facility from operations under the 9th, 10th and 11th European Development Funds, the balances from the 10th EDF or from previous EDFs, and the funds decommitted from projects under the 10th EDF or from previous EDFs
Date: 2020-09-07
Institutions: Directorate-General for International Cooperation and Development, European Commission
Subjects: ACP countries, EU financial instrument, EU financing arrangements, European Development Fund, development aid, financial aid, investment promotion

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   EUROPEAN COMMISSION  Brussels, 7.9.2020  COM(2020) 484 final 2020/0232 (NLE)  Proposal for a COUNCIL DECISION concerning the commitment of the funds stemming from reflows under the ACP Investment Facility from operations under the 9th, 10th and 11th European Development Funds, the balances from the 10th EDF or from previous EDFs, and the funds decommitted from projects under the 10th EDF or from previous EDFs  
 
EXPLANATORY MEMORANDUM 

The EU (and its Member States) are world leaders in international development cooperation. 
They  have  traditionally  been  at  the  forefront  of  international  action  as  donors  and  also  for 
their innovative role in development finance.  

Although  we  have  witnessed  a  global  improvement  in  the  living  conditions  of  the  most 
vulnerable,  there  remain  substantial  challenges.  Global  challenges  have  become  more 
complex, multidimensional, and rapidly evolving. To address them effectively, the European 
Union needs to step up its external action and draw on a suite of flexible and efficient policy 
and financing instruments.   

As  the  magnitude  of  the  challenges  exceeds  current  available  resources,  the  EU  is  seeking 
new,  innovative  and  efficient  ways  to  create  a  financing  framework  for  development.  
Leveraging  the  investment  made  by  financial  institutions  and  private-sector  partners  is  an 
efficient way to make maximum use of the EU budget.  

However,  financial  instruments  still  represent  a  very  small  fraction  of  the  EU’s  budget  for 
external action. The bulk of the budget for development (around 90% during the 2014-2020 
multiannual  financial  framework  (MFF))  is  spent  on  traditional  development  grants,  budget 
support and other arrangements for direct and indirect funding of partner countries.  

**** 

The ACP  Investment  Facility  (ACP  IF) was a pioneer financial instrument.  It  was set  up in 
2003  under  the  Internal  Agreement  between  Representatives  of  the  Governments  of  the 
Member  States,  meeting  within  the  Council,  on  the  Financing  and  Administration  of 
Community Aid under the Financial Protocol to the Cotonou Partnership Agreement (CPA)1 
to promote growth in the private sector – and to help mobilise domestic and foreign capital for 
this  purpose  –  in  78  countries  located  in  Sub-Saharan  Africa,  in  the  Caribbean  and  in  the 
Pacific.  
So far managed by the European Investment Bank (EIB), it draws resources from the 9th, 10th 
and 11th European Development Funds, as well as from EIB own resources. 
The  legal  framework  of  the  ACP  IF2  establishes  the  following  (for  resources  from  the 
European Development Fund (EDF)): 

1 

2 

Internal Agreement between Representatives of the Governments of the Member States, meeting within 
the  Council,  on  the  Financing  and  Administration  of  Community  Aid  under  the  Financial  Protocol  to 
the  Partnership  Agreement  between  the  African,  Caribbean  and  Pacific  States  and  the  European 
Community  and  its  Member  States  signed  in  Cotonou  (Benin)  on  23  June  2000  and  the  allocation  of 
financial  assistance  for  the  Overseas  Countries  and  Territories  to  which  Part  Four  of  the  EC  Treaty 
applies (OJ L 317, 15.12.2000, p. 355–372). 
Article 76(1)(d) of the CPA, as amended for the second time in 2010, and  Annex Ic and Annex II to the 
CPA (OJ L 317, 15.12.2000; OJ L 287, 28.10.2005; OJ L 287, 4.11.2010). The legal framework also 
comprises Articles 1(5), 2(d), 4(1), 5(3), 7(1) 9, 11(2) of the 11th European Development Fund Internal 
Agreement  between  the  Representatives  of  the  Governments  of  the  Member  States  of  the  European 
Union,  meeting  within  the  Council,  on  the  financing  of  European  Union  aid  under  the  multiannual 
financial  framework  for  the  period  2014  to  2020,  in  accordance  with  the  ACP-EU  Partnership 
Agreement  (OJ  L  210,  6.8.2013)  and  Articles   45-52  of  the  11th  EDF  Financial  Regulation  (Council 
Regulation  (EU)2018/1877  on  the  financial  regulation  applicable  to  the  11th  European  Development 
Fund and repealing Regulation (EU)2015/323, OJ L 307, 3.12.2018). 

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‘proceeds  and  income’  (re-flows3)  from  operations  under  the  ACP  IF  are  used  for 
further  operations  (under  Article  5(3)  of  the  11th  EDF  Internal  Agreement), 
functioning as a revolving fund.  

on  expiry  of  the  Financial  Protocol  to  the  CPA  (and  in  the  absence  of  a  specific 
decision  by  the  Council),  cumulative  net  re-flows  are  carried  over  to  the  next 
protocol (Article 3(2) Annex II of the CPA); 
the  total  resources  of  the  11th  EDF  and  the  funds  stemming  from  re-flows  are  no 
longer committed beyond 31 December 2020, unless the Council decides otherwise, 
acting unanimously on a proposal of the Commission (point 5 of the Annex Ic of the 
CPA and Article 1(5) of the 11th EDF Internal Agreement).  
In parralel, Article 1(5) of the 11th EDF Internal Agreement, juncto Article 47(2) of 
the 11th EDF Financial Regulation, foresees that the funds subscribed by the Member 
States under the 9th, 10th and 11th EDFs to finance the ACP IF shall remain available 
after 31 December 2020 for disbursement, until 31 December 2030.  
Article  14(3)  of  the  11th  EDF  Internal  Agreement  adds  that  this  Agreement  shall 
remain in force as long as it is necessary for all operations financed under the CPA 
and  the  2014-2020  MFF  to  be  fully  executed  (until  repayment  and  closure  of  the 
operations).  

This proposal is needed to allow commitment of the funds stemming from the reflows beyond 
31  December  2020.  In  the  absence  of  a  Council  decision,  the  funds  stemming  from  the 
reflows must be paid back pro-rata to the Member States, in accordance with the table in the 
11th EDF Internal Agreement (Article 1(2)(a)).  

According  to  current  EIB  estimates,  the  re-flows  amount  to  approximately  EUR  3.2  billion 
(EUR 3.6 billion total endowment – from EU 28 – less management fees and costs).  

**** 

This proposal to use the re-flows of the ACP IF for new operations comes at a crucial time, 
when the EU is shaping its future development policy. 

(1) 

(2) 

3 

4 

For  the  next  EU’s  2021-2027  MFF,  the  Commission  has  proposed  to  increase  the 
budget  for  external  action,  including  with  funds  from  the  European  Recovery 
Instrument,4  and  to  simplify  its  structure  to  make  it  more  flexible  and  efficient  to 
address global challenges.  

The  Commission  has  also  proposed  one  main  instrument  for  external  action:  the 
Neighbourhood,  Development  and  International  Cooperation  Instrument  (NDICI), 
which  includes  an  innovative  and  simplified  financial  architecture  for  investment 
outside the EU. It is based on the European Fund for Sustainable Development Plus 

By  reflows,  it  is  understood  any  income  (e.g.  interest  payments,  dividends,  capital  contributions, 
remuneration  from  treasury  investments,  guarantees,  other  fees  and  commissions  and    proceeds  of 
redemption  or  sale  of  an  ACP  IF  equity  participation),  repayments  (e.g.  release  of  funded  ACP  IF 
guarantees,  capital  repayments,  repayments  of  the  principal  of  loans),  or  Treasury  amounts  as  of  1 
January 2021, resulting from operations under the ACP IF. For the avoidance of doubt, funds stemming 
from the decommitment of reflows shall also be considered as reflows. 
Proposal for a Council Regulation establishing a European Union Recovery Instrument to support the 
recovery in the aftermath of the COVID-19 pandemic, COM(2020) 441 final 28.5.2020. 

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(EFSD+),  supported  by  the  new  External  Action  Guarantee  (EAG).5  The  NDICI 
proposal is under negotiation by the co-legislators. 

The Commission’s proposal draws on all these ongoing discussions and reports.  

It  also  takes  account  of  the findings  and recommendations of the  end-of-term  review of the 
ACP  IF,6  which  was  published  in  2019.  The  review  concluded  that,  although  the  ACP  IF 
contributed  to  the  Cotonou  objectives  to  reduce  poverty,  integrate  ACP  countries  into  the 
world economy and aid their sustainable development, it did not maximise its contribution in 
that regard. 

Between 2003 and 2017, the revolving fund allocated EUR 5.2 billion to projects, with over 
EUR 4 billion financed through the EDF. 

Financial  ‘additionality’  (using EU funds to  attract  additional private investment  that would 
not  have  occurred  otherwise)  was  satisfactory,  but  not  used  to  its  full  potential.  This  is 
manifested in the relatively limited use in low-income and fragile countries, where additional 
investment  would  have  had  the  greatest  impact.  More  than  half  of  the  investment  facility 
operations under the ACP IF took place in low-middle income countries and 30% in a small 
number of low-income countries.  

According to the findings of the review, there was a greater focus on financial sustainability 
than on the development objectives.   

The evaluation also issued several recommendations. These include the need to find a better 
balance between development objectives and financial sustainability, putting a stronger focus 
on low-income and fragile countries, increasing the use of innovative financial tools such as 
guarantees, improving monitoring and evaluation of development outcomes and revising the 
operating model. 

Previous evaluations, such as the 2010 mid-term evaluation of the External Lending Mandate 
guarantee7  and  the  2016  evaluation  of  blending8,  had  also  concluded  that  the  EU’s  newly 
established  financial  mechanisms  (blending  and  guarantees)  do  work,  but  that  their 
development impact is closely linked to the policy steer.  

**** 

It is in this context that the Commission proposes to the Council to transfer re-flows from the 
ACP  IF  into  the  future  NDICI’s  EFSD+.  The  Commission  intends  to  invest  them  in  ACP 
countries through the EIB.  

As reflected in the 2019 European Commission-EIB non-paper drawn up in the context of the 
NDICI negotiation with regard to the ‘former ACP IF’, the EIB supports namely: to continue 
to  use  re-flows  for  a  number  of  years;  at  no  cost  to  the  EU  budget  and  under  specific 
arrangements (on geography, eligibility, and risk profile) to be defined. 

5 

6 

7 

8 

The  European  Fund  for  Sustainable  Development  Plus  (EFSD+),  set  up  under  the  Regulation    of  the 
European  Parliament  and  of  the  Council  establishing  the  Neighbourhood,  Development  and 
International  Cooperation  Instrument,  as  stipulated  in  the  Commission’s  Proposal  for  a  Regulation  of 
the  European  Parliament  and  of  the  Council  establishing  the  Neighbourhood,  Development  and 
International Cooperation Instrument, COM(2018) 460 final. 
End-of-term  review  of  the  ACP  Investment  Facility,  final  report,  Aide  à  la  Décision  Economique 
(ADE), March 2020. 
European  Investment  Bank’s  external 
lending  mandate  2007-2013  –  Mid-term  review  and 
recommendations  of  the  Steering  Committee  of  Wise  Persons,  February  2010,  also  known  as  the 
Camdessus report. 
Evaluation of blending, final report, December 2016. 

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The Commission also proposes, in consultation with the EIB, that the use of re-flows through 
the  EIB  be  primarily  directed  at  development  instruments  with  high  financial  risk,  in 
particular impact finance, equity funds and operations in least-developed countries. 

This proposal entails no additional contributions from the Member States. 

**** 

For the EU to contribute to achieving the Sustainable Development Goals (SDGs) set under 
the  2030  Agenda,  it  is  key  to  maximise  the  potential  to  mobilise  private  capital  using 
innovative financial instruments in addition to traditional development funding.  

As the challenges are far greater than the resources available, it is necessary to prioritise.  

It is therefore crucial to bring into the same governance framework the multiple instruments 
available for external action. This will ensure that the funds follow the ‘policy first’ principle, 
which in turn ensures coherence, complementarity and maximises development impact. 

This proposal aims to provide a stronger policy steer and increase the development impact of 
the  ACP  IF  re-flows.  It  will  promote  investment  in  ACP  countries  in  a  more  strategic  and 
efficient way. Investments will be based on the needs of the partner countries and on the EU’s 
external action objectives, and will be deployed through the best mix of available financing, 
including under the EFSD+. 

**** 

The EFSD+ is embedded in the NDICI, an ambitious proposal with a global scope, increased 
financial means and a strengthened policy steer, guided by the ‘policy first’ principle.  

The  NDICI  will  provide  optimal  policy  and  financial  framework,  as  it  will  bring  blended 
finance  (blending)  and  guarantees  as  sources  of  financing  under  a  single  and  simplified 
governance,  to  be  managed  together  with  other  implementing  tools  (grants,  technical 
assistance, budget support, etc.).  

The  EFSD+  will  be  fully  subject  to  the  priorities,  objectives  and  indicative  allocations 
established under the programming process,  with the ultimate  aim of supporting investment 
outside the EU in a strategic and coherent manner, for the benefit of sustainable development.   

This  implies  that  all  investment  activities  will  be  planned  so  as  to  achieve  the  highest 
development  impact  and  maximise  coherence  of  EU  external  action.  Programming  of 
operations  must  be  an  inclusive  process,  involving  consultation  with  the  public  and  private 
sector, Member States, financial institutions, civil society and other parties involved. 

The EFSD+ builds on the successful experience of its predecessor, the European Sustainable 
Development Fund (EFSD), which is the cornerstone of the current External Investment Plan 
(EIP) and the financial arm of the Africa-Europe Alliance.  
A recent independent assessment9 has found the EFSD to be highly relevant to the investment 
needs of the regions covered (Sub-Saharan Africa and the EU Neighbourhood countries), and 
to the EU’s priorities and commitments.  

On  the  blending  side  (combining  public  and  private  funds),  EUR  3.1  billion  was  allocated 
between  2017  and  2019  to  finance  154  projects  across  the  African  continent  and  the  EU 
Neighbourhood countries. This EU contribution has encouraged additional financing to come 
in,  expected to  cover  about  EUR 30 billion in  overall investment,  mainly  in  the  energy  and 
transport sectors, but also in support of the private sector development and agriculture.  

9 

Report from the Commission to the European Parliament and the Council on the implementation of the 
European Fund for Sustainable Development, COM(2020) 224 final, June 2020. 

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In Sub-Saharan Africa, the EFSD, through the EU contribution of EUR 1.8 billion, leveraged 
a total of EUR 13.5 billion,  funding 78 operations.  In the Neighbourhood countries, the EU 
contribution of EUR 1.3 billion unlocked investment for a total of EUR 16.2 billion, funding 
76 operations.  

In  addition,  an  EU  contribution  of  EUR  1.55  billion  has  been  allocated  to  22  proposed 
guarantee programmes. These are expected to unlock EUR 17.5 billion in overall investment. 

**** 

In  terms  of  coherence,  this  proposal  also  builds  on  the  2017  joint  statement  on  the  new 
European Consensus on Development10, which formed part of the EU’s response to the UN 
2030  Agenda  for  Sustainable  Development  and  its  SDGs11.  The  European  Consensus  on 
Development  already  prescribed the need to  combine aid  with  other resources, build better-
tailored  partnerships  with  a  wider  range  of  stakeholders  and  reaffirmed  the  commitment 
to policy coherence for development. 

In  addition,  this  proposal  ensures  that  the  EU  will  abide  by  the  principles  and  criteria  laid 
down  in  the  Commission’s  communication  on  the  role  of  the  private  sector  in  achieving 
inclusive and sustainable growth12 . 

**** 

The Commission has informed the EIB of the content of this proposal. 

10 

11 
12 

The new European Consensus on Development, ‘Our world, our dignity, our future’  – Joint statement 
by the Council and the Representatives of the Governments of the Member States, meeting within the 
Council, the European Parliament and the European Commission, 2017 (OJ C 210, 30.06.2017). 
UN resolution: Transforming our World: The 2030 Agenda for Sustainable Development, 2015. 
COM(2014) 263 final.  

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2020/0232 (NLE) 

Proposal for a 

COUNCIL DECISION 

concerning the commitment of the funds stemming from reflows under the ACP 
Investment Facility from operations under the 9th, 10th and 11th European Development 
Funds, the balances from the 10th EDF or from previous EDFs, and the funds 
decommitted from projects under the 10th EDF or from previous EDFs 

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  European  Union  and  the  Treaty  on  the  Functioning  of  the 
European Union, 

Having regard to the Internal agreement  between the Representatives of the Governments of 
the Member States  of the European Union, meeting within the Council,  on the financing of 
European Union aid under the multiannual financial framework for the period 2014 to 2020, 
in  accordance  with  the  ACP-EU  Partnership  Agreement,  and  on  the  allocation  of  financial 
assistance for the Overseas Countries and Territories to which Part Four of the Treaty on the 
Functioning  of  the  European  Union  applies13  (‘the  11th  EDF  Internal  Agreement’),  and  in 
particular Article 1 (3), (4) and (5) thereof, 

Having regard to the proposal from the European Commission, 

Whereas: 

(1) 

(2) 

(3) 

Funds  stemming  from  reflows  under  the  ACP  Investment  Facility  from  operations 
under  the  9th,  10th  and  11th  European  Development  Funds  (‘the  EDFs’)    cannot  be 
committed  beyond  31  December  2020,  unless  the  Council  acting  unanimously  on  a 
proposal of the Commission decides otherwise. 

There  is  strong  evidence  that  while  the  ACP  Investment  Facility  contributed  to  the 
objectives  of  poverty  reduction,  integration  into  the  world  economy  and  sustainable 
development of the African, Caribbean and Pacific  countries, as stipulated in the the 
ACP-EU  Partnership  Agreement,  it  did  not  maximise  its  contribution  in  that  regard. 
The continued use of the ACP Investment Facility reflows under a new framework and 
governance could lead to better development results.   

[On  14  June  2018  the  Commission  adopted  a  proposal  for  a  Regulation    of  the 
European  Parliament  and  of 
the  Neighbourhood, 
Development and International Cooperation Instrument (‘NDICI’)  14, which provides 
for  the  establishment  of  the  European  Fund  for  Sustainable  Development  Plus 
(‘EFSD+’) supported by an External Action Guarantee, to which Member States could 
make  contributions  that  they  could  earmark  for  the  initiation  of  actions  in  specific 
regions, countries, sectors or existing investment windows.] 

the  Council  establishing 

13 
14 

OJ L 210, 6.8.2013, p. 1. 
COM(2018) 460 final. 

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(4) 

(5) 

(6) 

(7) 

(8) 

(9) 

(10) 

The European Fund for Sustainable Development15 (‘EFSD’) has been considered as 
being  highly  relevant  to  the  investment  needs  of  the  regions  covered  (Sub-Saharan 
Africa  and  the  EU  Neighbourhood),  as  well  as  to  the  Union’s  priorities  and 
commitments. 
In their Joint Communication “Towards a Comprehensive Strategy with Africa”16 the 
Commission  and  the  High  Representative  of  the  Union  for  Foreign  Affairs  and 
Security Policy called for the Union to support sustainable growth and jobs throughout 
the African continent. Among other measures, the Union wants to partner with Africa 
on  the  promotion  of  investments  by  scaling  up  the  use  of  innovative  financing 
mechanisms. 

In  that  Joint  Communication,  the    Commission  and  the  High  Representative  of  the 
Union for Foreign Affairs and Security Policy stated that financial instruments are to 
encourage  investments  with  a  high  development  impact,  largely  in  support  of  the 
private  sector,  following  the  criteria  established  by  the  Commission  Communication 
“A Stronger Role of the Private Sector in Achieving Inclusive and Sustainable Growth 
in  Developing  Countries”17,  i.e.  measurable  development  impact,  additionality, 
neutrality,  shared  interest  and  co-financing,  demonstration  effect  and  adherence  to 
social, environmental and fiscal standards.  

Therefore it is necessary to allow for the reflows and the treasury amounts referred  to 
in  this  Decision  to  constitute  contributions  to  the  European  Fund  for  Sustainable 
Development Plus (EFSD+) and the External Action Guarantee (‘earmarked external 
assigned  revenue’).  Those  reflows  and  treasury  amounts  will  not  be  received  as 
external  assigned  revenue by the NDICI beyond  31 December 2027. After that date, 
the  funds  will  be  received  by  subsequent  financing  mechanisms  until  they  are 
exhausted.  

The ACP Investment Facility reflows should be transferred annually as a top-up  to the 
geographical budget lines of the NDICI to be invested through the EFSD + in line with 
the programming documents.  

The Commission will channel the investments through the European Investment Bank, 
with  the  aim  of  maximising  their  development  impact  and  additionality,  and  also 
taking into account debt sustainability issues.  

[establishing 

[In  line  with  Regulation  (EU)  XXX/XXXX    of  the  European  Parliament  and  of  the 
Council 
International 
Cooperation  Instrument],  the  funds  should    be  primarily  directed  at  development 
instruments  with  high  financial  risks,  in  particular  impact  finance,  equity  funds  and 
activity  in least developed countries (LDCs). The operations should seek to maximise 
the development impact.]  

the  Neighbourhood,  Development  and 

(11)  Pursuant to Article 152(4) of the Agreement on the withdrawal of the United Kingdom 
of  Great  Britain  and  Northern  Ireland  from  the  European  Union  and  the  European 
Atomic  Energy  Community18,  the  United  Kingdom's  share  of  the  ACP  Investment 
Facility  from  the  EDF,  accummulated  through  successive  EDF  periods,  are  to  be 
reimbursed  to  the  United  Kingdom  as  the  investment  matures.  Unless  agreed 

15 

Regulation  (EU)  2017/1601  of  26  September  2017  establishing  the  European  Fund  for  Sustainable 
Development (EFSD), the EFSD Guarantee and the EFSD Guarantee Fund (OJ L 249, 27.9.2017, p. 1).  
JOIN(2020) 4 final. 
COM(2014) 263 final. 

16 
17 
18 OJ L 29, 31.1.2020, p. 7. 

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otherwise, the United Kingdom's capital share should not be recommitted beyond the 
end of the 11th EDF commitment period or rolled over into subsequent periods. 

(12)  The entry into force and application of this Decision should be subject to the entry into 
force  of  Regulation  (EU)  XXXX/XXXX  of  the  European  Parliament  and  of  the 
International 
Council 
Cooperation Instrument]. Therefore, the dates  for entry into force  and application of 
this Decision and of Regulation (EU) XXXX/XXXX of the European Parliament and 
of  the  Council  [establishing  the  Neighbourhood,  Development  and  International 
Cooperation Instrument] shall coincide, 

the  Neighbourhood,  Development  and 

[establishing 

HAS ADOPTED THIS DECISION:  

(1) 

(2) 

(3) 

Article 1   

The  funds  stemming  from  the  reflows  under  the  ACP  Investment  Facility  for 
operations  under  the  9th,  10th,  and  11th  European  Development  Funds,  the  balances 
from the 10th EDF or from previous EDFs, and the funds decommitted from projects 
under the 10th EDF or from previous EDF on…..[date of the entry into force of this 
Decision]    shall  constitute  contributions  [to  the  European  Fund  for  Sustainable 
Development  Plus  (EFSD+)  and  the  External  Action  Guarantee  under  Article  1  of  
Regulation  (EU)  XXX/XXX  of  the  European  Parliament  and  of  the  Council 
[establishing  the  Neighbourhood,  Development  and  International  Cooperation 
Instrument]    for  the  purposes  of  providing  funding  through  budgetary  guarantees 
under Article 23(1)(f) and blending under Article 23(1)(g) of  that Regulation]. 

For the purposes of this Decision, ‘reflows’ means any income, including dividends, 
capital  gains,  guarantee  fees  and  interest  on  loans,  on  amounts  on  any  account 
opened for the purpose of recording cash held for the account of the ACP Investment 
Facility  and  remuneration  from  treasury  investments,    and  repayments,  ncluding 
capital  repayments,  guarantees  released  and  repayment  of  the  principal  of  loans 
resulting from operations under the ACP Investment Facility. Funds stemming from 
the decommitment of reflows shall also be considered as reflows.     

The reflows shall be subject to the applicable rules and procedures of the  EFSD+ as 
laid down in Regulation (EU) XXXX/XXXX of the European Parliament and of the 
International 
Council 
Cooperation Instrument.] 

the  Neighbourhood,  Development  and 

[establishing 

The contributions shall be earmarked for African, Caribbean and Pacific countries.  

Article 2 

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Article 3 

This  Decision  shall  enter  into  force  on  the  date  of  entry  into  force  of    Regulation  (EU) 
XXXX/XXXX  of 
the 
Neighbourhood, Development and International Cooperation Instrument.]. It shall apply from 
1 January 2021.  

the  European  Parliament  and  of 

the  Council  [establishing 

Done at Brussels, 

For the Council 
The President 

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