PRESS RELEASE BY THE MINISTRY FOR FOREIGN AFFAIRS: Minister for Foreign Affairs George W. Vella co-chairs the ACP-EU Development Finance Cooperation Committee

Minister for Foreign Affairs George W. Vella co-chaired the ACP-EU Development Finance Cooperation Committee, composed of Representatives of the ACP States and of the European Union, together with the European Commission and the European Investment Bank. Co-chairing with Minister Vella was Ethiopia’s Minister for Finance and Economic Cooperation Abraham Tekeste. The ACP-EU Development Finance Cooperation Committee is governed by Article 83 of the EU-ACP Partnership Agreement, more commonly known as the Cotonou Agreement.

Discussions centred mainly on economic, trade and financial cooperation for development, and on the important role of the private sector. Development finance cooperation is an essential component of the ACP-EU partnership which has an important part to play in achieving the goals set therein, namely poverty eradication, sustainable development and integration of the ACP countries in the world economy. The ministers also discussed international challenges of common interest, such as the fight against climate change in the context of the resumption of the post-Paris Agreement negotiations, which will be taking place in Bonn next week, as well as the implementation of the 2030 universal sustainable development goals on which the EU and the ACP have agreed to align the future post-Cotonou agreement.

The joint Council also held an in-depth discussion on the implementation of the Valletta Action Plan on Migration (agreed in Valletta in November 2015 at the EU-Africa Summit on Migration) and the setting up the European External Investment Plan, which is initially supposed to raise Euros 44 billion in investment for Africa. As part of its Presidency commitments, the Ministry for Foreign Affairs is leading the discussions taking place with Parliament on the adoption of the External Investment Plan which is expected to be amongst the main deliverables of the EU-Africa Summit that will meet in Abidjan in November 2017.

Source: Government of Malta