The first cycle of the EDF was designed for a period of five years and took effect in 1959 (now in its 10th cycle and with a budget of €22.7 billion). As it drew to a close, however, many of the OCTs had regained independence and new arrangements were necessary. In 1963, representatives of the EEC Member States and 17 African countries and Madagascar met in Yaoundé, Cameroon, to sign their first partnership agreement in history. The group of developing countries which signed the final agreement were granted preferential trade arrangements such as the duty-free access of specified African goods into the European market. In addition, it was agreed to continue support via the EDF and the European Investment Bank (EIB) (p. 29).