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This paper examines the role and impact of Official Development Assistance (ODA) on human development outcomes, focusing on health, education and extreme poverty eradication. The aim is to consolidate existing knowledge on how ODA advances internationally agreed targets and to evaluate current trends in European Union (EU) development policy from the perspective of its contribution to human development. The paper finds that the current EU emphasis on resource mobilisation and private sector engagement differs from traditional aid modalities, which have effectively contributed to education and health outcomes, as well as poverty reduction. These traditional modalities should be sustained and expanded to address pending human development targets, particularly in Least Developed Countries. While the Global Gateway might be a good strategy for climate action and infrastructure development, a complementary strategy is required to balance funding and political attention towards poverty eradication, the primary goal of EU development policy, which risks being overshadowed by other aspects of the sustainable development agenda.