Financing development: making every euro count | WPN World People News

Development plays a crucial role in improving people's lives around the world, but what is the best way to finance it? On 24 February the EP's development committee held a public hearing on how to mobilise all available means and types of financial resources for sustainable global development and poverty eradication over the next 15 years. The hearing, led by committee chair Linda McAvan, was attended by representatives from UN agencies, companies and civil society.

2015 has been designated the European Year for Development. The hearing is one of many events this year calling attention to the important role played by development.

Paul Rübig, an Austrian member of the EPP group, added: "The advantage of this hearing is that we are actually able to plan for the future and this is the European Year of Development and that's the best time to really create the right structures for that."

Pedro Silva Pereira, a Portuguese member of the S&D group, is preparing a report ahead of the Addis Ababa Financing for Development (FfD) conference in July. "The EU supports the efforts made by the UN and we hope that it will have a key role in that process," he said.

Neven Mimica, the EU commissioner responsible for development, stressed the importance of the EU's role in stimulating development at the hearing: "The EU has always represented more than the half of the public aid for development in the world. We are very proud of this."

The EU has allocated €30.5 billion to the 11th European Development Fund (EYD) for 2014-20. In June the European Development Days, a high-level forum on development and international cooperation, will take place in Brussels.

Source: European Parliament