The European Union on Wednesday reiterated its commitments to helping developing countries achieve their development targets.

Speaking on behalf of the European Union, Czech's Deputy Foreign Minister Helena Bambasova made the statement as she addressed the UN Conference on the World Financial and Economic Crisis and Its Impact on Development, which opened on Wednesday.

"To ensure a fair and sustainable recovery for all, the EU recognizes its commitments to support developing countries in meeting the MDGs," she said, referring to a set of antipoverty target that world leaders have agreed to achieve by 2015.

"The EU will take targeted, counter-cyclical measures aimed at protecting the most vulnerable countries and groups and at sustaining economic activity and employment, with particular attention to the private sector and productive capacity," she said.

She urged donor countries to reaffirm their commitment to support developing countries in meeting the MDGs and to achieve their respective ODA (official development assistance) targets.

"In light of the ongoing crisis, the fulfillment of all ODA commitments is even more crucial," Bambasova said.

She said that the EU's collective ODA increased in 2008, reaching more than 49 billion euros and 0.40 percent of Gross National Income (GNI).

The EU supports "a key role for the United Nations in the efforts to help developing countries tackle a variety of global social, economic, financial and environmental challenges and foster sustainable development in all its dimensions," Bambasova added.

Source: Xinhua