The Secretariat of the African, Caribbean and Pacific Group of States

July 8rd 2008 – Brussels

The European Investment Bank (EIB) has revealed positive growth in the African, Caribbean and Pacific States in the past year despite global concerns about financial markets.

The positive feedback was presented by EIB President, Philipe Maystadt, in a meeting with the ACP Committee of Ambassadors on Monday (July 8th).

“We’re all aware that the economic and financial press makes for somber reading these days.

“Concerns about financial markets, high price of oil and rising food prices are issues that affect many, both in developing and in developed counties. Still, current concerns should not be allowed to obscure some broadly positive economic news from ACP States,” Mr Maystadt told the Ambassadors.

He revealed that Gross Domestic Product (GDP) in the sub-Sahara Africa grew by 5.7 percent in 2006 and by slightly over 6 percent in 2007.

The President acknowledged that whilst it is not that spectacular as the pace of growth in some other developing regions, this performance is positive.

Mr Maystadt also stated that growth was particularly strong in oil-producing countries such as Angola, and several non-oil producing countries put in good performance.

In the Caribbean, the President said the countries’ economic developments have been mostly positive over the last couple of years.

He said the growth was pushed by the strong performance of construction and tourism; the regional economy grew by over eight percent in 2006 and by close to six percent in 2007.
In the Pacific, Mr Maystadt stated that amongst the main growth drivers are commodity prices, especially in Papua New Guinea, tourism and aid flows.

Despite the success stories, the president said many difficult tasks remain in ACP regions.

“I think it is important to remember the success stories, which provide encouragement when we have address more difficult tasks,” Mr Maystadt said.

He said as the financing arm of the European Union, the EIB and its staff are committed to a successful implementation of the Investment Facility in the wider pursuit of the aims of the Cotonou Agreement.

The Chairman of the Committee of Ambassadors and Ambassador of Djibouti, HE. Mr Mohamed Moussa Chehem, said EIB is an important development partner for ACP and Maystadt’s statement was very important.

He strongly expressed the willingness of the Committee of Ambassadors to meet regularly with the EIB.

European Investment Bank President Philipe Maystadt, centre, making a statement as Secretary General Sir John Kaputin, left, and Chairman of the
Committee of Ambassadors and Ambassador of Djibouti, HE. Mr Mohamed Moussa Chehem looks on yesterday (July 7th).

Details contact: iroga@acp.int