EU approves 40 billion euros in development aid

The European Union (EU) is to provide as much as 40 billion euros (around 50 billion U.S. dollars) in aid to developing nations from 2007 to 2013, it was revealed on Tuesday at the EU foreign ministers' meeting in Luxembourg.

At the meeting, the EU ministers agreed to create a new overseas development cooperation scheme which will provide an extra 17 billion euros (around 21.6 billion dollars) over seven years to developing nations in Asia, Latin America and the Middle East.

The money is in addition to the fund of 22.7 billion euros (28.8 billion dollars) agreed to earlier specifically for African, Caribbean and Pacific (ACP) countries over the 2008-2013 period, bringing the EU's total (not including member states' national contributions) to around 40 billion euros.

The new fund will also be used to reinforce regional programs "in response to specific needs, such as migration, education and health," said a press release presented after the foreign ministers' meeting.

Source: Xinhua