Funds to finance Poland's preparation for EU membership

European Commission Ambassador to Warsaw Bruno DeThomas and Poland's European Affairs Minister Danuta Huebner signed an agreement in Warsaw on 20 December whereby Brussels will grant Warsaw 467 million euros ($420 million) in PHARE pre-accession funds to finance select projects crucial to Poland's preparation for EU membership. Poland will have three years to use the money. Funds will be spent on stimulating small and medium-sized business development in regions of the country plagued by structural unemployment. Some 15 million euros will go to help Poles affected by this summer's floods, while 56 million euros are slated for the development of cross-border cooperation.