Press Release: The European Union approves €264 million to help 19 African, Caribbean and Pacific States face the consequences of the economic crisis

The European Commission approved the first financing decisions under the €264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific (ACP) countries cope with the impact of the global financial crisis and economic downturn. The V-FLEX mechanism is a short-term instrument which provided for €500 million over two years (2009-2010).