Econostrum | Economic News in the Mediterranean

The EU adopts a new agenda for the Mediterranean with €7 billion

Written by Eric Apim on Tuesday, February 9th 2021 à 15:13 | Read 325 times

The partnership between the EU and its southern neighbors will be based on a new agenda (photo: rvb bd/
The partnership between the EU and its southern neighbors will be based on a new agenda (photo: rvb bd/
MEDITERRANEAN. Six years after the last revision of the Euro-Mediterranean partnership, which grew out of the Barcelona Process launched in 1995, the European Union decides on a new agenda for the Mediterranean. It was adopted on Tuesday, February 9, 2021 in Brussels by the European Commission while the Arab Spring and the Covid-19 have changed the relations and the stakes. "This new Agenda is based on the conviction that it is by working together and in a spirit of partnership that today's common challenges can be transformed into opportunities to be seized, in mutual respect. It includes an economic investment plan aimed at stimulating long-term socio-economic recovery in the countries of the Southern Neighborhood," said a statement from the Commission.

The new agenda focuses on five areas for action: human development, good governance and the rule of law; resilience, prosperity and digital transition; peace and security; migration and mobility; and ecological transition: climate resilience, energy and environment.


5 areas and €7bn of financial interventions

Focusing on these areas, European financial interventions will be carried out according to a specific economic investment plan for the countries of the Southern Neighborhood*. The Neighborhood, Development Cooperation and International Cooperation Instrument (IVCDCI), according to its official name, will be endowed with a maximum of €7 billion over the period 2021-2027. It could mobilize up to €30 billion in private and public investment.

"We are committed to working with our southern partners on a new Agenda that will focus on people, especially women and young people, and help them to realize their hopes for the future, exercise their rights and build a peaceful, secure, more democratic, greener, prosperous and inclusive southern neighbourhood," said Josep Borrel, High Representative and Vice-President of the European Commission. Olivér Várhelyi even speaks of "a new starting point in our relations with our southern partners. Based on common interests and challenges, and developed in partnership with our neighbors".

A mid-term review is scheduled for 2024.

* Algeria, Egypt, Israel, Jordan, Lebanon, Libya, Morocco, Palestine, Syria, Tunisia


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