Bloomberg: EU to review its multibillion-dollar foreign aid program
11 February 18:23
The European Union will review its multibillion-dollar foreign aid to better organize the distribution of funding for the bloc, taking into account its foreign policy interests. This was reported by Bloomberg, according to Komersant ukrainskyi.
According to the draft document, the European Commission wants to make foreign aid more “targeted to the bloc’s partners.”
The European Union seeks to restructure its foreign aid to meet its strategic interests, including strengthening “alliances with like-minded countries, securing access to raw materials, and curbing the arrival of migrants.”
The draft document also states that the EU’s common fund, which traditionally amounts to about 1% of the bloc’s GDP, is “too expanded” given a number of funding requirements, from the “green transition” to defense.
It is noted that in the coming weeks, the European Commission will outline ideas for improving its next seven-year budget from 2028 to 2034.
The European Commission’s plan coincides with U.S. President Donald Trump’s decision to eliminate the U.S. Agency for International Development (USAID), which annually distributes tens of billions of dollars in aid abroad.
On the very first day, the US president announced the suspension of almost all foreign aid for 90 days.
