How EU ca develop less developed countries?

There are several ways that European Union can help less developed countries.
Less developed countries (LDCs) are characterized by low standard of living because of its lack
of ability to produce goods and services. The ability to produce goods and services depends on
the availability of physical capital, human capital, resources and technological knowledge. The
LDCs are less developed because of the lack of one or more of these basic inputs that drive the
economic growth. Hence, there are ways in which European Union can help LDCs must be able
to induce economic growth in these economies.
One such traditional way is provide foreign aid. Foreign aid may help in increasing the physical
stock of capital in LDCs and that would help in increasing the work force more productive
leading to more production and higher wages leading to improved standard of living.
The second approach would be transfer of technology. Developed countries are characterized by
higher levels of technological knowledge, whereas LDCs are characterized by low levels of
technological knowledge. If European Union provides technological know-how to LDCs, they
would be able to use their resources more efficiently and hence that would increase their
production which in turn would help in achieving higher levels of standard of living.
Third measure could be to allow the access of markets to these countries. If European Union
removes trade barriers and provide duty-free and quota free access to LDCs that would provide
the producers of the LDCs a broader market for their products. They will be able to sell their
products internationally at a higher price and earn foreign capital for the economies. This will
help them in integrating with the world economy and thereby provide not only more capital but
also the know-how which will in time help in improving the standard of living of the people of
less developed economies.

References:
Mankiw N. G. (2011). Principles of Economics, 5th edition. South-western Cengage Learning.