The world’s poorest are receiving a declining share of global financial resources according to a new report from The ONE Campaign. The ONE DATA Report is a yearly publication that tracks official development assistance (ODA) flows and trends for the world’s major donors.

The 2017 DATA Report: Financing for the African Century, shows how Africa – home to over 50% of the world’s extreme poor – has seen its share of global aid drop from 36% in 2012 to 32% in 2016. The continent’s population will more than double by 2050. Increased investment from aid, private flows and domestic resources are required to finance the education, employment and empowerment of this growing youth population which, according to leading economists, is pivotal to lift the least developed countries out of poverty, accelerate sustainability and build long-term prosperity.

The DATA Report shows that the EU as a whole remains the world’s largest donor, reaching a new high in 2016 by investing 73.35 EUR billion in ODA. Yet, these increases have been mainly directed towards tackling the additional needs of the refugee crisis, focusing on migration control instead of poverty eradication. Scaling up investments in long-term development, especially in the poorest and most fragile countries in Africa, is critical to stimulate sustainable growth and seize the opportunity to harness Africa’s ‘Demographic Dividend’.

Gayle Smith, CEO and President of ONE said: “The engine that could power Africa’s development is not getting the fuel it needs. Donors need to fulfil their commitments to the world’s poorest, and all countries need to work together to increase private capital flows and domestic resources.” Failing to capitalise on Africa’s ‘Demographic Dividend’ will have a global impact – affecting both rich and poor countries – with more instability and population displacement, Smith cautioned.

Valentina Barbagallo, Brussels Policy and Advocacy Manager at ONE, added: “Now is the time for the EU to step up not step back. To fulfil its responsibility as the world’s largest donor, the EU must shift its focus back to addressing the root causes of poverty. With the 2018 EU Budget, the EU must lead the way and secure a strong aid budget that tackles extreme poverty and instability. This is the only long-term solution to the challenges that Europe and the development world face together.”

ENDS