Since 1986 approximately €2.95 billion has been spent in Northern Ireland the Border Counties funding conflict transformation initiatives through the IFI, Peace I and its successor Peace II and the INTERREG I, II and IIIA programmes, largely through social and economic development. The IFI was set up in 1986 by the Irish and UK governments through the Anglo-Irish Agreement with the twin objectives of promoting social and economic advance and encouraging contact, dialogue and reconciliation between the two communities in Northern Ireland and on both sides of the Border. Funded by the United States, the EU, Canada, Australia and New Zealand, it formally ceased operations in 2010. Peace I was set up in the wake of the 1994 IRA and loyalist ceasefires to support peace and reconciliation in Northern Ireland and the Border Counties, largely through social and economic development activities. Funded by the EU and the Irish and British governments, it covered the period 1995–1999, with Peace II continuing this work from 2000–2004 and the Peace II Extension covering the period 2005–2006 (Peace III, covering the period 2007–2013, is currently underway). INTERREG was initially set up by the EU in 1991 to assist weaker internal border areas in dealing with the Single Market and has been restructured over the years with INTERREG III primarily concerned with promoting sustainable and integrated cross-border development.