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The new funding is largely targeted towards Africa (Photo: USAID)

Rich leaders pledge money while EU looks to cut aid budget

Leaders from the Group of Eight industrialised countries agreed to donate $20 billion (€14.3bn) to developing countries on Friday (10 July), $5 billion (€3.6bn) more than was originally anticipated.

The money will fund a three-year initiative to help poorer countries develop their agriculture.

"We believe that the purpose of aid must be to create the conditions where it's no longer needed, to help people become self-sufficient," said US president Barack Obama after the meeting. ...

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The new funding is largely targeted towards Africa (Photo: USAID)

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