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.
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About the author
Jesse Chase-Lubitz
Jesse Chase-Lubitz covers climate change and multilateral development banks for Devex. She previously worked at Nature Magazine, where she received a Pulitzer grant for an investigation into land reclamation. She has written for outlets such as Al Jazeera, Bloomberg, the Organized Crime and Corruption Reporting Project, and The Japan Times, among others. Jesse holds a master’s degree in Environmental Policy and Regulation from the London School of Economics.
