The relationship between ACP and Europe started in 1963 with the first Yaoundé Convention. This agreement detailed EU-ACP relations for trade, market access, development and development-finance. The EIB’s first development finance operations in the ACP were projects in Cameroon, Ivory Coast and in Senegal. The Bank’s involvement in the region has been constant since this time, actively participating in all other EU-ACP conventions as the EU’s “development bank”.
Current EIB-ACP cooperation is based on the Cotonou Agreement that mandates the EIB to provide reimbursable aid to projects, alongside grant aid from the European Commission in 79 ACP countries.
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