Europe Draws Contrast to US With €300 Billion Aid Plan
The European Union is redoubling its efforts on aid for developing nations, hoping it will make more allies at a time when the US has slashed funding for overseas projects of all kinds. Jozef Síkela, the European Commissioner for international partnerships, is working to deliver €300 billion ($340 billion) of aid at a rate of €90 billion a year. That is going to 100 countries for 200 projects mostly related to sustainability, renewable energy and climate change across Asia, Africa and Latin America. The scale of the program marks a sharp contrast with the US, which has slashed development aid since President Trump took office and is continuing only programs that directly pay off for US taxpayers. Síkela's aim is to invest where it benefits both the EU and the partner nation – cleaning up the atmosphere while also deepening links with European businesses. He spoke in an interview at the BloombergNEF Summit in New York. (Source: Bloomberg)
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