Banks clash as EU seeks 'political return' on development finance

Battle of the banks: EIB and EBRD vie for supremacy in the future of Europe's development finance architecture. Photos from: EIB and EBRD

BRUSSELS — The European Union and its member states are the world’s biggest development donors, and they want you to know it.

“Development is not charity; development is strategy,” Werner Hoyer, president of the European Investment Bank, told EU development ministers in Brussels this week at a session on the financial architecture for development. “The EU must become stronger, smarter and more visible in development to strengthen its economic and strategic autonomy.”

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About the author

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    Vince Chadwick

    Vince Chadwick is the Brussels Correspondent for Devex. He covers the EU institutions, member states, and European civil society. A law graduate from Melbourne, Australia, he was social affairs reporter for The Age newspaper, before moving to Europe in 2013. He covered breaking news, the arts and public policy across the continent, including as a reporter and editor at POLITICO Europe.