European Development Fund


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European Development Fund

 

a financial organization within the structure of the European Economic Community (EEC).

Resources of the European Development Fund are generated from dues of the member countries of the EEC and are earmarked for implementation of free financing for the associated countries (the 33 states that in 1969 had the same tariff system as that operating within the EEC itself because of their special economic and political links with the member countries of the EEC). Dues of the EEC member countries to the European Development Fund are paid in the following shares: Belgium, 9 percent; Italy, 12 percent; Luxembourg, 2 percent; the Netherlands, 9 percent; France, 34 percent; and the Federal Republic of Germany, 34 percent. Resources of the European Development Fund are used to finance projects of national importance and infrastructures (such as roads, airports, and means of communication), to render technical assistance associated with investments of the EEC member countries, and to fund research on the development and diversification of economic structures. As distinguished from the European Investment Bank, the European Development Fund finances projects that make little or no profit.

The European Development Fund began operating in 1959. From 1959 to 1963 total expenditures amounted to $581 mil-lion. From 1964 to 1969, $730 million was allocated, including $50 million as long-term (40-year) loans from the European Investment Bank and the remaining amount as outright allocations. The allocation for 1970-74 was $1 billion.

E. D. ZOLOTARENKO

References in periodicals archive ?
The EU Commission will grant, through the 11th European Development Fund (EDF), 29.
5 million has been secured from as number of sources including the regional development agency, Advantage West Midlands, the European Development Fund and a number of charities.
This is because the Government agency commissioned in response to the EEC Regulation 724/5 "The Creation of a European Development Fund (1979)" has maintained inhouse incubation.
The project is jointly funded by the European Investments Bank (EIB) and European Development Fund (EDF), and should be implemented by the end of 2003.
The aid, for the period 2014-2020, comes under the 11th European Development Fund (EDF).
According to a statement from the EU Mission in Dar es Salm, the credit was being extended under a financing agreement for the two new European Development Fund programmes after consultations on future bilateral cooperation.
Irene Horejs, the EU representative in the country and the national coordinator of the European Development Fund program, Domingo Jimenez, said the resources have been approved after an in analysis on the needs of the DR.
Major cultural projects initiated in this region have been part-funded by the European Development Fund and they include the exciting Phoenix Initiative in Coventry, the wonderful New Art Gallery in Walsall and the Ironbridge Museums in Telford.
Major organization : FINANCE MINISTER, NATIONAL AUTHORISING OFFICER OF THE EUROPEAN DEVELOPMENT FUND IN THE DEMOCRATIC REPUBLIC OF THE CONGO
The effectiveness of EU assistance for governance in the DRC is limited," although the country is one of the main beneficiaries of European Development Fund support, with nearly 1.

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