EU Considers €1B Aid to Help Developing Countries
July 25, 2008| |
The European Commission has supported a plan to give €1 billion ($1.6 billion) to help farmers from developing countries cope up with spiraling prices of agricultural inputs. The support, which would operate for two years, would be in addition to existing development funds and would be taken from unused money from the European Union's agricultural budget. According to the commission, the facility would give priority to supply-side measures, improving access to farm inputs such as fertilizers and seed, possibly through credit, and to safety net measures aimed at improving productive capacity in agriculture.
José Manuel Barroso, President of the European Commission, said: "The impact of high food prices is particularly severe for the world's poorest populations. It may put at risk our progress towards the Millennium Development Goals and exacerbate tensions in poor countries, namely in Africa. This 1 billion Euro facility aims to generate a strong and rapid agricultural supply response.” The Commission hopes that the plans can be approved by November, to allow commitment of funds in 2008 and implementation in early 2009.
The media release is available at http://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1186&format=HTML&aged=0&language=EN&guiLanguage=en
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