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President Barack Obama on Wednesday announced the creation of a comprehensive administration initiative devoted to spurring development efforts around the globe.

Obama calls it new U.S. Global Development Policy and says it’s the “first of its kind by an American administration.”

“Put simply, the United States is changing the way we do business,” Obama said at the summit of the U.N. Millennium Development Goals, an ambitious agenda world leaders set 10 years ago to tackle global poverty, which has grown amid the world economic recession.

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The program has four approaches. One is changing the definition of development.

“For too long, we’ve measured our efforts by the dollars we spent and the food and medicines that we delivered. But aid alone is not development. Development is helping nations to actually develop, moving from poverty to prosperity. And we need more than just aid to unleash that change. We need to harness all the tools at our disposal, from our diplomacy to our trade to our investment policies,” he said.

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Second, the administration is changing how “the ultimate goal of development” is viewed.

“Our focus on assistance has saved lives in the short term, but it hasn’t always improved those societies over the long term. Consider the millions of people who have relied on food assistance for decades. That’s not development, that’s dependence, and it’s a cycle we need to break. Instead of just managing poverty, we have to offer nations and peoples a path out of poverty.”

Read entire article at CNN.com

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