Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

EU to resume aid to Guinea-Bissau government after poll

Published 14/07/2014, 18:15
EU to resume aid to Guinea-Bissau government after poll

BRUSSELS (Reuters) - The European Union will resume giving direct development aid to the Guinea-Bissau government after it held presidential elections rated as "free and credible," the EU said in Monday.

The EU suspended aid to the government in July 2011 following a military mutiny. The bloc continued to give some money through international organisations and charities.

A May presidential run-off election won by former finance minister Jose Mario Vaz opened the way for a resumption of direct development aid to the government.

An EU official said the decision would allow the EU to support the authorities in ensuring vital state functions and providing basic social services. It did not provide any figures.

Guinea-Bissau's last election in 2012 was abandoned after soldiers stormed the presidential palace.

Weak state institutions, along with Guinea-Bissau's maze of islands and unpoliced mangrove creeks, have made the former Portuguese colony a paradise for smugglers of Latin American cocaine destined for Europe.

The country would have been in line to get about 100 million euros ($136.41 million) under the previous aid programme, covering 2007-2013, but it was only allocated around 40 million euros of that sum because of the EU's restrictions.

($1 = 0.7331 Euros)

(Reporting by Adrian Croft, Editing by Angus MacSwan)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.