The European Commission proposes a long-term budget of €1,135 billion in commitments(expressed in 2018 prices) over the period from 2021 to 2027, equivalent to 1.11% of the EU27’s gross national income (GNI).
This level of commitments translates into €1,105 billion (or 1.08% of GNI) in payments (in 2018 prices).
This includes the integration into the EU budget of the European Development Fund – the EU’s main tool for financing development cooperation with countries in Africa, the Caribbean and Pacific and which to date is an intergovernmental agreement. Taking into account inflation, this is comparable to the size of the current 2014-2020 budget (including the European Development Fund).
Created in 1957 by the Treaty of Rome and launched in 1959, the European Development Fund (EDF) is the EU’s main instrument for providing development aid to African, Caribbean and Pacific (ACP) countries and to overseas countries and territories (OCTs). The total financial resources of the 11th EDF amount to €30.5 billion for the period 2014-2020.