Additional support for countries in Africa and the Pacific and a recommitment to "stepping it up" for gender equality were also outlined at the event on Wednesday.
The tenth edition of EDD, Europe's leading forum on global development and cooperation, focused on the implementation of the Agenda 2030 adopted by the United Nations and made up of 17 Sustainable Development Goals (SDGs).
A number of new initiatives and partnerships on international cooperation are expected to be launched at the two-day event.
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On Wednesday, European environment, maritime affairs and fisheries Commissioner Karmenu Vella pointed to a new initiative to promote eco-entrepreneurship and green job creation - the so-called 'SWITCH TO GREEN' flagship initiative.
Vella said this will support partner countries in their transformation to an inclusive green economy to generate growth, create decent jobs and help reduce poverty.
It will promote the adoption of sustainable consumption and production practices by the private sector, in particular SMEs. The flagship initiative builds on existing projects which have already allocated €200m to initiatives promoting green businesses.
The event will also be used to sign a new partnership to support Samoa with €20.2m. The new funding will be provided in the form of €17.1m budget support for water and sanitation and €3m to help the country adapt to the impact of climate change, through the Global Climate Change Alliance (GCCA) and €100,000 for auditing and evaluation.
A news conference was told the new partnership is expected to significantly increase the share of the Samoan population who have access to clean water, from the current 75 per cent to up to 90 per cent by 2018.
EU foreign affairs chief Federica Mogherini, another keynote speaker at the opening of the EDD, recommitted to the strategic partnership between the UN and EU established in 2012.
The Italian official said that in order to reach the 'Planet 50-50' by 2030, both partners will continue working together and "stepping it up" for gender equality and women's empowerment worldwide.
Particular attention in future joint initiatives will be given to new global challenges, including fighting human trafficking in human beings, preventing and countering violent extremism and addressing climate change.
Other attendees included UN secretary general Ban Ki-moon and World Bank President Jim Yong Kim.
Ahead of his appearance at EDD, UN secretary general Ban Ki-moon met with Commission President Jean-Claude Juncker and several European officials, discussing such issues as the need for stronger international cooperation in the face of emerging challenges related to terrorism.
He said, "I expressed hope that Europe's commitment to human rights, democracy and peaceful coexistence would be the 'true and lasting response to the hatred and violence.
"I urge the people of Belgium and all of Europe to remain committed to these ideals. Leaders and communities have to be steadfast in opposing xenophobia, discrimination and violence," he added.
Details were also given of a new EU strategy for enhancing the role of culture in EU external relations.
Entitled, 'Culture in EU External Relations', the initiative was funded with the support of a consortium of eight cultural institutes and organisations and initiated by the European Parliament, following a resolution which called for the development of a visible common EU policy on culture.
After exhaustive work, which involved a widespread consultation exercise, the new strategy was formally adopted on 8 June.
The blueprint commits the EU to supporting local cultural production and assisting partner countries in developing modern and inclusive cultural policies.
EDD this year has attracted 5000 participants from more than 140 countries, representing 1200 organisations.
It showcases 64 successful projects in a "global village" coming together under the '5Ps', People, Plant, Prosperity, Peace and Partnerships.
A session on the opening day, one of 120 that will be held over the two days, heard that cultural initiatives can boost economies and contribute to development and alleviation of poverty.
Elise Huffer, culture adviser with the Pacific Community secretariat, cited the Enhancing the Pacific Cultural Industries project as one example of how civil society, artists and the private sector work together in her region.
Another speaker, Aida Liha Matejicek, head of unit at the European Commission's directorate general for international cooperation and development, said the overall aim should be to move culture up the economic and political agenda.
Pointing out that culture accounts for about 3.5 per cent of global GDP, she said the role culture can play in generating growth and job creation had been reinforced by the global economic crisis.
Natalie Corrie-Kordas, of the political affairs and human development department at the Brussels-based ACP secretariat, also noted that culture generates income and employment and has an impact on the improvement of a country's image, entrepreneurship and ability to attract foreign investment.