The European Union unveiled the first draft of its next seven-year budget, known as the multiannual financial framework, or MFF, on Wednesday. The 2028-2034 budget commits €2 trillion ($2.3 trillion), up from the €1.2 trillion in the current budget.
Out of that total, €200 billion will go to the Global Europe instrument, the main tool for the EU's external action, including development finance. This is a big uptick from the current budget, which allocates $92.3 billion.
The final tally likely won’t be finalized until December 2027, and a lot could change before then.