EU Foreign Affairs Council discusses strengthening of financial architecture for development

29.04.2021. 19:06

On 29 April 2021, the Parliamentary Secretary of the Ministry of Foreign Affairs, Zanda Kalniņa-Lukaševica, took part in an informal video conference of the European Union (EU) Foreign Affairs Ministers on development cooperation. The participants considered the ways of improving the EU’s financial architecture for development, and coherence, influence and impact of the assistance provided. Special focus was placed on the visibility of EU investments.

In order to increase the effectiveness of the support provided and of the use of funding, the Parliamentary Secretary called not only for strengthening cooperation between the European Commission and European development banks, but also ensuring equal access to the EU external financing instruments for all implementing actors and Member States.

Funding of 79.4 billion euros has been envisaged for the EU’s external action and development cooperation through the Global Europe instrument under EU budget for 2021-2027. Over 19 billion euros of that amount will be channelled towards EU Eastern Partnership countries and the Southern Neighbourhood.

The EU is providing support for its partner countries in the achievement of sustainable development goals, including the fight against poverty and inequality, climate change and other global challenges. Support is also targeted at the implementation of administrative reforms vital for the development of partner countries.

The EU is the largest development cooperation donor in the world and it offers assistance to many countries and regions, and this assistance is also used today specifically in for addressing the consequences of the COVID-19 pandemic along with all the other areas that assistance is needed and being provided.

 


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