Press Release: One billion euro for debt relief. Poul Nielson signs the European Union contribution to the Enhanced HIPC Initiative

On 7.7.00, Poul Nielson, European Commissioner for Development Cooperation and Humanitarian Aid signed the European Union's support to the enhanced Heavily Indebted Poor Countries Initiative HIPC. Total contribution to this initiative will be more than €1 Billion. €680 Million will help multilateral development banks give debt relief to the Asia, Pacific and Caribbean countries through a World Bank administered Trust Fund.. €54 Million will go to Latin American and East Asian Countries through the same Trust Fund. Another €348 Million will be used to reduce debt owed to the EU.

http://www.imf.org/external/np/exr/facts/hipc.htm http://www.imf.org/external/np/exr/facts/hipc.htm

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