Africa: EU plans aid trust fund to by-pass World Bank

The European Union plans to create a trust fund to disburse European aid to Africa without depending on the World Bank, according to the bloc's top aid official. "European aid money should be spent according to European policies," EU Development Commissioner Louis Michel told journalists. He lamented that the EU does not have the influence it should in the World Bank. The 25-nation bloc is the world's biggest aid donor, providing 56 percent of development assistance.