Catherine Ashton, EU High Representative for Foreign Affairs and Security Policy/Commission Vice-President and Štefan Füle, EU Commissioner for Enlargement and Neighbourhood Policy, launched a new and ambitious European Neighbourhood Policy (ENP) on 25 May, confirming the EU’s determined and reinforced engagement with its neighbours.

This proposal by the European External Action Service and European Commission to Member States and the European Parliament, sets out the main priorities and directions of a revitalised ENP strategy which seeks to strengthen individual and regional relationships between the EU and countries in its neighbourhood through a ‘more funds for more reform’ approach – making more additional funds available, but with more mutual accountability.

On top of the €5.7 billion already allocated for the period 2011-2013, additional funding of €1.24 billion has been transferred from other existing resources, and will now be made available in support of the ENP. In addition, the European Council has agreed to the HRVP’s proposal to increase EIB (European Investment Bank) lending to the Southern Mediterranean by 1 billion euros over the same period. The EBRD (European Bank for Reconstruction and Development) backed her request to extend their operations into the MENA region, starting with Egypt. Their expectation is that annual lending volumes could reach around 2.5 billion euros a year by 2013.

Speech by EU High Representative Catherine Ashton

Speech by EU Commissioner for Enlargement and Neighbourhood Policy Štefan Füle Find out more on the website of the European Union.