EU records $28.5bn pledge for global education

According to a statement from the European Union, the developing countries and donors also join to make historic commitments to fund basic education at Brussels summit.“This unprecedented outcome, which seals billions of additional dollars from both donor and recipient countries, was driven by extraordinary commitments by 27 developing countries to increase their own education budgets […]

According to a statement from the European Union, the developing countries and donors also join to make historic commitments to fund basic education at Brussels summit.
“This unprecedented outcome, which seals billions of additional dollars from both donor and recipient countries, was driven by extraordinary commitments by 27 developing countries to increase their own education budgets by $26 billion, which represents an increase of 25 percent between 2015 and 2018,” the statement read.
The funds according to the statement will boost the education resources available to tens of millions of children in developing countries.
Donors including the European Union, Sweden, Norway, Denmark while the United Kingdom also pledged over $2.1 billion for the GPE Fund, an increase of $600 million or 40 percent on the last replenishment pledging conference in Copenhagen in 2011.
The statement added that pledges were also received from multilateral organizations, NGO partners, the private sector, and for the first time two foundations contributed to the GPE Fund. In addition, the Islamic Development Bank will contribute $400 million in loan buy-down arrangements.