This Week in Global Development

Episode Title: Inside EIB’s Critical Meetings and USAID’s Controversial Shutdown
Hosts: Adva Saldinger, David Ainsworth, Rumbi Chakamba
Date: March 5, 2026

Episode Overview

This episode focuses on two major stories shaping global development this week:

• The European Investment Bank (EIB) annual meetings with a spotlight on defense, competitiveness, and the message that EIB remains committed to global development; and
• The controversial shutdown of USAID—the unprecedented logistical and human challenges in unwinding the US’s flagship aid agency.

The hosts are joined by reporters Jesse (reporting live from the EIB meetings in Luxembourg) and Michael (with an exclusive on the USAID shutdown process).

1. EIB Annual Meetings: Defense, Competitiveness, and the Future of Development

[00:00 – 08:48]

EIB’s Evolving Role and Development Commitments

• Context: The EIB remains primarily focused on Europe (over 90% of funding), but EIB Global targets countries outside the EU (Africa, Latin America, etc.).
• Main Question: Is increased European defense spending undermining development funding?
  • Jesse recaps: “As far as the EIB is concerned, they're not pulling back on development overall. There was a much different tone here than I think we’ve all been hearing in the development world.” [02:23]
  • EIB President’s message: Europe is "carrying the flag of development," not shying from climate, gender inclusivity, or rules-based order.

Announcements at the Meetings

• Mission 300: €1 billion invested in the AfDB-led program to bring energy access to 300 million Africans.
• Vaccine manufacturing expansion: Financing a new vaccine facility in South Africa, adding to similar investments in Senegal, Rwanda, and Ghana.
• Gender Action Plan: New plan through 2030 to promote women’s access to economic security in and outside Europe.
• EIB-WTO Partnership: Announced partnership to enhance international financial trade mechanisms.

Notable Quote

“They’re not shying away from climate, gender inclusivity—none of those words are kind of bad words on their books... Europe as kind of a champion of development and a champion of the rules-based order.”
— Jesse, [02:50]

Development Priorities & African Voices

• Alignment with African Union priorities: Mission 300 and vaccine manufacturing reflect African policy agendas.
• European-Centric Nature: While interactions (e.g., between EIB and AfDB leadership) are happening, Jesse notes the conference remains "very, very European centric" [05:54].
• Migration, Security, and Aid: The link between European security, migration, and support for development in neighboring regions is acknowledged.

The ‘Win-Win’ and Commercial Interests

• Business case for development: European corporate competitiveness is part of the framing—mirroring US policy language.
• Civil society concern: The narrative of ‘win-win’ (business + development) offers political cover but risks diluting development priorities.
  • Jesse: “Sometimes win-win sounds great, and I think they do need to sell it that way… But there can also be a downside and potentially not enough room to truly win on both sides.” [07:34]
• Presence of fossil fuel lobbyists: EIB is engaging oil and fossil fuel companies, arguing engagement helps the green transition.

Memorable Moment

“There are companies here representing big oil and big fossil fuel companies, lobbyists. That’s also a part of this. It’s very much a chance for them to make their case to the EIB.”
— Jesse, [06:15]

Timing

• EIB Global-specific discussions started late in the conference: “The EIB Global portion… only started this afternoon.” [08:18]

2. USAID’s Controversial Shutdown: Unpacking a Chaotic Closeout

[09:26 – 24:29]

Is USAID Actually Shut Down?

• Status: USAID technically still exists, but remaining operations are focused entirely on winding down the agency.
• Official Shutdown Deadline: Supposed to complete by March 7; practically impossible given the huge scale and complexity.

Notable Explanation

“What remains of the agency is… focused on shutting itself down. That’s sort of the broad scope…”
— Michael, [10:04]

The Challenge of Closeout

• Tasks left: Paying former staff, settling contracts with local partners, ensuring legal and equitable closure.
• Examples: Contractors in Africa must provide severance, adhere to local laws, and repatriate expats.
• Numbers: About 10,000 staff before; now only a few dozen remain to handle the closeout.
• Unprecedented Scale: 5,000 project awards terminated at once, “makes that March 7th date… really impossible.” [12:46]

Notable Quote

“Closing out these projects takes months, if not years. And something at this scale… makes that March 7th date from the beginning seem really impossible to a lot of folks…”
— Michael, [12:46]

Outsourcing the Shutdown

• New contracting: Institutional support contract bars former USAID staff (political leaders worry about objectivity/bias).
• Staff extensions: Remaining career staff extended to September 30th.

Mistrust & Tensions

• Political vs. career staff: Deep suspicion between current OMB leadership and ex-USAID staffers.
• Key Player: OMB Director Russell Vogt—known for prior attempts to slash US foreign aid.
• Atmosphere: Former agency staff describe feeling vilified; one says, “I sincerely wish I knew why they hated us so much” [15:46].

Memorable Moment

“What they all told me was… they’re just trying to make sure that the former partners get paid. So I think that’s a really important point because… there’s a lot of deep-seated mistrust and suspicion.”
— Michael, [17:20]

• Verification problems: With most staff gone, verifying what projects actually did is extremely difficult:

  “There’s nobody at a USAID mission… that you can go to and say, hey, what was this project all about?” [19:22]

Pension Problems

• Complex process: Only some ex-USAID staff qualify for pensions—depends on age, years of service, etc.
• Delays: Even those slated to receive a pension face significant delays and uncertainty (e.g., one ex-deputy mission director has received no payments since July).
• Wider hardship: Many ex-staffers are worse off, lacking eligibility/recourse.

Memorable Moment

“Officials who had years of government service… are now just sort of dropped off this cliff with no paycheck coming in…”
— Michael, [21:37]

3. Looking Ahead & Additional Notes

• Jesse will provide further reporting from the EIB conference in the newsletter out on Friday and is traveling next to Paraguay for the Inter-American Development Bank meetings.
• Michael’s reporting will continue with an article on the termination settlements, to be included in the Thursday (not Saturday) newsletter, and is investigating the Gates Foundation’s link to recent Jeffrey Epstein revelations.

Closing Acknowledgments

“Thank you both so much for joining me.”
— Rimby Chakamba, [24:30]

Key Timestamps

• [00:00] – Show introduction, EIB annual meetings overview
• [03:42] – New EIB announcements: Mission 300, vaccine manufacturing, gender plan
• [05:05] – Discussion of African priorities and agency in development aid
• [07:34] – Civil society and corporate influence concerns
• [09:26] – Transition to USAID shutdown story
• [10:46] – Why the shutdown timeline was never realistic
• [13:45] – Tiny staff, new contractors, and OMB’s hostile approach
• [15:46] – Mistrust and the atmosphere between political appointees and seasoned staff
• [20:41] – Pension eligibility and hardship for ex-USAID staffers

Notable Quotes

• Jesse (EIB):
  “Europe is staying the course and stepping up in the development world… They’re not shying away from climate, gender, inclusivity…” [02:23]
• Michael (USAID):
  “I sincerely wish I knew why they hated us so much.” — former USAID staffer, on OMB leadership [15:46]
  “Closing out these projects takes months, if not years… the unprecedented scope… makes that March 7th date… impossible.” [12:46]
• Rimby (host):
  “When you look at the people involved, like, if you look at these staffers, they've been involved in this agency for such a long time and probably have, like, a deep sense… that foreign aid matters…” [16:02]

Summary in a Nutshell

The episode provides a candid inside look at how the EIB is navigating rising defense priorities without sacrificing commitments to global development, making new investments aligned with African priorities but also bringing in strong commercial and corporate interests. In parallel, the USAID shutdown illustrates the human and institutional cost of politicized cutbacks to foreign aid, revealing deep mistrust, logistical nightmares, and a slow, painful wind-down that could drag on for months.

This is a must-listen for anyone following the volatile landscape of global aid, finance, and the shifting priorities shaping the humanitarian sector in 2026.