The European Union is opening up areas where it had not gone through before in assisting developing countries.
Speaking at the weekend in Honiara, EU Charge' de affaires Dr Abdoul-Aziz Mbaye said that next year the EU plans to use 0.56 percent of the Unions Gross Domestic product in Overseas Development Assistance.Dr Mbaye says although the global financial crisis is having bad effects on the world economy, it also created opportunities.
He said one such opportunity is the need for countries, big or small rich or poor to sit together and discuss issues together to overcome the hardships.
Dr Mbaye said the issues include donor assistance, climate change and security.
He said it also opened up opportunities for developed countries to help developing countries in their trading opportunities.
Dr Mbaye said however, the crisis is having a bad effect on developing countries where their situation is worsening.
He said the third wave of the financial crisis is hitting third world countries in that it deprives people from what they want.
Dr Mbaye said that at the beginning of the millennium, 150 million people were just getting out of the poverty line but the crisis is now forcing these people and more back into poverty.