There exist few theoretical justifications for cross-country transfers within the European Union based on aggregate economic gains. I provide a new motivation, where tax-financed public investments are freed from concerns over redistribution between generations. For public investment projects with twice larger expected returns than the average, my simulations show that the Union-wide GDP per capita gains would be nearly twice smaller if cross-country transfers by high-income countries would be used for domestic investments, rather than entirely dedicated to finance public investments by low-income countries.