A special case
The European Development Fund (EDF) was created in 1958 to provide aid to certain developing countries/territories that have historical links with certain EU countries.
It falls within the broader framework of development cooperation with African, Caribbean and Pacific (ACP) countries.
The EDF is not funded from the EU's general budget, but rather from direct contributions from EU countries, the amounts of which are agreed in negotiations.The EDF is generally renewed every 5 years (next renewal in 2013), with a new EDF financial regulation.
As the EDF is not included in the EU budget, it is not subject to the principle of annuality (one-year validity). Moreover, since it is a fund there are no time limits for implementing projects (although normally this will not take more than 10 years).